Elta 7553 User Manual

7553  
Autoradio mit TFT Display, DVD-Player und BLUETOOTH  
Car radio with TFT Display, DVD player and BLUETOOTH  
Auto-radio avec affichage TFT, lecteur DVD et BLUETOOTH  
%HKLQGHUQꢀ6LHꢀQLFKWꢀGLHꢀ%HOIWXQJꢀGHVꢀ*HUlWHVꢁꢀZLHꢀHWZDꢀPLWꢀ9RUKlQJHQꢁꢀ=HLWXQJHQꢁꢀ'HFNHQꢀRGHUꢀ  
PLWꢀ0|EHOVWFNHQꢁꢀGLHꢀ%HOIWXQJVVFKOLW]HꢀPVVHQꢀLPPHUꢀIUHLꢀVHLQꢂꢀhEHUKLW]XQJꢀNDQQꢀ6FKlGHQꢀ  
YHUXUVDFKHQꢀXQGꢀGLHꢀ/HEHQVGDXHUꢀGHVꢀ*HUlWHVꢀYHUNU]HQꢂ  
+LW]HꢁXQGꢁ:lUPH  
6HW]HQꢀ6LHꢀGDVꢀ*HUlWꢀQLFKWꢀGLUHNWHUꢀ6RQQHQVWUDKOXQJꢀDXVꢂꢀ$FKWHQꢀ6LHꢀGDUDXIꢁꢀGDVVꢀGDVꢀ*HUlWꢀ  
NHLQHQꢀGLUHNWHQꢀ:lUPHTXHOOHQꢀZLHꢀ+HL]XQJꢀRGHUꢀRIIHQHPꢀ)HXHUꢀDXVJHVHW]WꢀLVWꢂꢀ$FKWHQꢀ6LHꢀ  
GDUDXIꢁꢀGDVVꢀGLHꢀ/IWXQJVVFKOLW]HꢀGHVꢀ*HUlWHVꢀQLFKWꢀYHUGHFNWꢀVLQGꢂ  
)HXFKWLJNHLWꢁXQGꢁ5HLQLJXQJ  
'LHVHVꢀ3URGXNWꢀLVWꢀQLFKWꢀZDVVHUIHVWꢈꢀ7DXFKHQꢀ6LHꢀGHQꢀ3OD\HUꢀQLFKWꢀLQꢀ:DVVHUꢀHLQꢀXQGꢀODVVHQꢀLKQꢀ  
DXFKꢀQLFKWꢀPLWꢀ:DVVHUꢀLQꢀ%HUKUXQJꢀNRPPHQꢂꢀ,QꢀGHQꢀ3OD\HUꢀHLQGULQJHQGHVꢀ:DVVHUꢀNDQQꢀ  
HUQVWKDIWHꢀ6FKlGHQꢀYHUXUVDFKHQꢂ  
9HUZHQGHQꢀ6LHꢀNHLQHꢀ5HLQLJXQJVPLWWHOꢁꢀGLHꢀ$ONRKROꢁꢀ$PPRQLDNꢁꢀ%HQ]HQꢀRGHUꢀ6FKOHLIPLWWHOꢀ  
HQWKDOWHQꢁꢀGDꢀGLHVHꢀGHQꢀ3OD\HUꢀEHVFKlGLJHQꢀN|QQHQꢂꢀ9HUZHQGHQꢀ6LHꢀ]XPꢀ5HLQLJHQꢀHLQꢀZHLFKHVꢁꢀ  
IHXFKWHVꢀ7XFKꢂ  
%DWWHULHQꢁIDFKJHUHFKWꢁHQWVRUJHQ  
%DWWHULHQꢀJHK|UHQꢀQLFKWꢀLQꢀGHQꢀ+DXVPOOꢂꢀ'LHꢀ%DWWHULHQꢀPVVHQꢀEHLꢀHLQHUꢀ6DPPHOVWHOOHꢀIUꢀ  
$OWEDWWHULHQꢀDEJHJHEHQꢀZHUGHQꢂꢀ:HUIHQꢀ6LHꢀ%DWWHULHQꢀQLHPDOVꢀLQꢀ)HXHUꢂ  
:,&+7,*(ꢁ6,&+(5+(,76+,1:(,6(  
ꢈꢉꢁꢁꢁ$//(ꢁ$1:(,681*(1ꢁ/(6(1ꢁꢆꢁ9RUꢀ%HWULHEꢀGHVꢀ*HUlWVꢀVROOWHQꢀ6LHꢀDOOHꢀ6LFKHUKHLWVꢄꢀXQGꢀ  
ꢀꢀꢀꢀꢀꢀ%HGLHQXQJVDQOHLWXQJHQꢀOHVHQꢂ  
ꢊꢉꢁꢁꢁ$1:(,681*(1ꢁ$8)%(:$+5(1ꢁꢆꢁ'LHꢀ6LFKHUKHLWVꢄꢀXQGꢀ%HGLHQXQJVDQOHLWXQJHQꢀVROOWHQꢀIUꢀ]XNQIWLJHQꢀ  
ꢀꢀꢀꢀꢀꢀ%H]XJꢀDXIEHZDKUWꢀZHUGHQꢂ  
ꢄꢉꢁꢁꢁ:$5181*(1ꢁ%($&+7(1ꢁꢆꢁ'LHꢀ:DUQXQJHQꢀDXIꢀGHPꢀ*HUlWꢀXQGꢀLQꢀGHUꢀ%HGLHQXQJVDQOHLWXQJꢀVROOWHQꢀ  
ꢀꢀꢀꢀꢀꢀEHDFKWHWꢀZHUGHQꢂ  
ꢋꢉꢁꢁꢁ$1:(,681*(1ꢁ%()2/*(1ꢁꢆꢁ$OOHꢀ%HGLHQXQJVꢄꢀXQGꢀ9HUZHQGXQJVDQZHLVXQJHQꢀVROOWHQꢀEHIROJWꢀZHUGHQꢂ  
ꢃꢉꢁꢁꢁ:$66(5ꢁ81'ꢁ)(8&+7,*.(,7ꢁꢆꢁ'LHVHVꢀ*HUlWꢀQLFKWꢀLQꢀGHUꢀ1lKHꢀYRQꢀ:DVVHUꢀYHUZHQGHQꢁꢀ]ꢂ%ꢂꢀLQꢀGHUꢀ  
ꢀꢀꢀꢀꢀꢀ1lKHꢀHLQHUꢀ%DGHZDQQHꢁꢀHLQHVꢀ:DVFKEHFNHQVꢁꢀHLQHUꢀ.FKHQVSOHꢁꢀHLQHVꢀ:DVFK]XEHUVꢁꢀLQꢀHLQHPꢀQDVVHQꢀ  
ꢀꢀꢀꢀꢀꢀ.HOOHUꢁꢀLQꢀGHUꢀ1lKHꢀHLQHVꢀ6FKZLPPEHFNHQVꢀXVZꢂ  
ꢌꢉꢁꢁꢁ%(/h)781*ꢁꢆꢀ6FKOLW]HꢀXQGꢀgIIQXQJHQꢀLPꢀ*HKlXVHꢀGLHQHQꢀGHUꢀ9HQWLODWLRQꢂꢀ6LHꢀVLQGꢀIUꢀ]XYHUOlVVLJHQꢀ  
ꢀꢀꢀꢀꢀꢀ%HWULHEꢀGHVꢀ*HUlWHVꢀXQGꢀ6FKXW]ꢀYRUꢀhEHUKLW]XQJꢀHUIRUGHUOLFKꢀXQGꢀGUIHQꢀQLFKWꢀEORFNLHUWꢀRGHUꢀDEJHGHFNWꢀ  
ꢀꢀꢀꢀꢀꢀZHUGHQꢂꢀ'LHꢀgIIQXQJHQꢀVROOWHQꢀQLHPDOVꢀGDGXUFKꢀEORFNLHUWꢀZHUGHQꢁꢀGDVVꢀGDVꢀ*HUlWꢀDXIꢀHLQꢀ%HWWꢁꢀHLQꢀ6RIDꢁꢀ  
ꢀꢀꢀꢀꢀꢀHLQHQꢀ7HSSLFKꢀRGHUꢀHLQHꢀlKQOLFKHꢀ2EHUIOlFKHꢀJHVWHOOWꢀZLUGꢂꢀ'DVꢀ*HUlWꢀVROOWHꢀQXUꢀGDQQꢀLQꢀ(LQEDXLQVWDOOLHUXQJꢀ  
ꢀꢀꢀꢀꢀꢀZLHꢀLQꢀHLQHPꢀ%FKHUVFKUDQNꢀRGHUꢀHLQHPꢀ5HJDOꢀYHUZHQGHWꢀZHUGHQꢁꢀZHQQꢀDQJHPHVVHQHꢀ9HQWLODWLRQꢀ  
ꢀꢀꢀꢀꢀꢀYRUJHVHKHQꢀLVWꢀE]ZꢂꢀGLHꢀ$QZHLVXQJHQꢀGHVꢀ+HUVWHOOHUVꢀEHIROJWꢀZRUGHQꢀVLQGꢂ  
ꢂꢉꢁꢁꢁ:b50(ꢁꢆꢁ'DVꢀ*HUlWꢀVROOWHꢀIHUQꢀYRQꢀ:lUPHTXHOOHQꢀZLHꢀ5DGLDWRUHQꢁꢀ+HL]N|USHUQꢁꢀgIHQꢀXQGꢀDQGHUHQꢀ  
ꢀꢀꢀꢀꢀꢀZlUPHHU]HXJHQGHQꢀ*HUlWHQꢀꢉHLQVFKOLH‰OLFKꢀ9HUVWlUNHUQꢊꢀDXIJHVWHOOWꢀZHUGHQꢂ  
ꢍꢉꢁꢁꢁ675209(5625*81*ꢁꢆꢁ'LHVHVꢀ*HUlWꢀVROOWHꢀQXUꢀPLWꢀGHUꢀDXIꢀGHPꢀ7\SHQVFKLOGꢀDQJHJHEHQHQꢀ  
ꢀꢀꢀꢀꢀꢀ6WURPYHUVRUJXQJVDUWꢀEHWULHEHQꢀZHUGHQꢂꢀ:HQQꢀ6LHꢀQLFKWꢀVLFKHUꢀVLQGꢁꢀZDVꢀIUꢀHLQHꢀ6WURPYHUVRUJXQJꢀ6LHꢀ  
ꢀꢀꢀꢀꢀꢀKDEHQꢁꢀVRꢀZHQGHQꢀ6LHꢀVLFKꢀELWWHꢀDQꢀ,KUHQꢀ)DFKKlQGOHUꢀRGHUꢀ,KUꢀ(OHNWUL]LWlWVZHUNꢂꢀ%H]LHKHQꢀ6LHꢀVLFKꢀIUꢀ  
ꢀꢀꢀꢀꢀꢀ%DWWHULHEHWULHEꢀRGHUꢀDQGHUHꢀ6WURPTXHOOHQꢀELWWHꢀDXIꢀGLHꢀ%HGLHQXQJVDQOHLWXQJꢂ  
ꢎꢉꢁꢁꢁ(,1'5,1*(1ꢁ921ꢁ)5(0'.g53(51ꢁ81'ꢁ)/h66,*.(,7(1ꢁꢆꢁ1LHPDOVꢀ2EMHNWHꢀLUJHQGZHOFKHUꢀ$UWꢀꢀ  
ꢀꢀꢀꢀꢀꢀGXUFKꢀGLHꢀgIIQXQJHQꢀLQꢀGDVꢀ*HUlWꢀVFKLHEHQꢁꢀGDꢀGLHVHꢀXQWHUꢀKRKHUꢀ6SDQQXQJꢀVWHKHQGHꢀ7HLOHꢀEHUKUHQꢀRGHUꢀ  
ꢀꢀꢀꢀꢀꢀNXU]VFKOLH‰HQꢀN|QQHQꢁꢀZRGXUFKꢀHVꢀ]Xꢀ)HXHUꢀRGHUꢀ6WURPVFKODJꢀNRPPHQꢀNDQQꢂꢀ1LHPDOVꢀ)OVVLJNHLWHQꢀ  
ꢀꢀꢀꢀꢀꢀLUJHQGZHOFKHUꢀ$UWꢀDXIꢀGHPꢀ*HUlWꢀYHUVFKWWHQꢂ  
ꢈꢏꢉꢁ%(6&+b',*81*ꢅꢁ',(ꢁ(,1(ꢁ:$5781*ꢁ(5)25'(57ꢁꢆꢀ=LHKHQꢀ6LHꢀVWHWVꢀGHQꢀ1HW]VWHFNHUꢀXQGꢀZHQGHQꢀ  
ꢀꢀꢀꢀꢀꢀVLFKꢀDQꢀHLQHQꢀDXWRULVLHUWHQꢀ.XQGHQGLHQVWꢁꢀZHQQꢃꢀ  
ꢀꢀꢀꢀꢀꢀDꢂꢀ'DVꢀ1HW]NDEHOꢀRGHUꢀGHUꢀ6WHFNHUꢀEHVFKlGLJWꢀLVWꢆ  
ꢀꢀꢀꢀꢀꢀEꢂꢀ)OVVLJNHLWꢀRGHUꢀ)UHPGN|USHUꢀLQꢀGDVꢀ*HUlWꢀHLQJHGUXQJHQꢀVLQGꢆꢀ  
ꢀꢀꢀꢀꢀꢀFꢂꢀ'DVꢀ*HUlWꢀ5HJHQꢀRGHUꢀ)HXFKWLJNHLWꢀDXVJHVHW]WꢀZDUꢆꢀ  
ꢀꢀꢀꢇꢂ  
ꢀꢀꢀꢀꢀꢀGꢂꢀ'DVꢀ*HUlWꢀQLFKWꢀZLHꢀJHZ|KQOLFKꢀIXQNWLRQLHUWꢂꢀ6WHOOHQꢀ6LHꢀQXUꢀMHQHꢀ6WHXHUXQJHQꢀHLQꢁꢀGLHꢀLQꢀGHUꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ%HGLHQXQJꢀVDQOHLWXQJꢀEHVFKULHEHQꢀVLQGꢆ  
ꢀꢀꢀꢀꢀꢀHꢂꢀ'DVꢀ*HUlWꢀIDOOHQꢀJHODVVHQꢀRGHUꢀEHVFKlGLJWꢀZXUGHꢆꢀ  
ꢀꢀꢀꢀꢀꢀIꢂꢀꢀ'DVꢀ*HUlWꢀ/HLVWXQJVNUDIWꢀYHUORUHQꢀKDWꢂ  
ꢈꢈꢉꢁ:$5781*ꢁꢆꢁ9HUVXFKHQꢀ6LHꢀQLFKWꢁꢀGDVꢀ*HUlWꢀVHOEVWꢀ]XꢀZDUWHQꢁꢀGDꢀ6LHꢀVLFKꢀGXUFKꢀgIIQHQꢀE]Zꢂꢀ(QWIHUQHQꢀ  
ꢀꢀꢀꢀꢀꢀYRQꢀ$EGHFNXQJHQꢀKRKHQꢀ6SDQQXQJHQꢀXQGꢀVRQVWLJHQꢀ*HIDKUHQꢀDXVVHW]HQꢀN|QQHQꢂꢀ:HQGHQꢀ6LHꢀVLFKꢀ  
ꢀꢀꢀꢀꢀꢀPLWꢀ:DUWXQJꢀXQGꢀ5HSDUDWXUHQꢀVWHWVꢀDQꢀHLQHQꢀDXWRULVLHUWHQꢀ.XQGHQGLHQVWꢂ  
ꢈꢊꢉꢁ5(,1,*81*ꢁ±ꢁ%HQXW]HQꢀ6LHꢀNHLQHꢀIOVVLJHQꢀRGHUꢀ6SUKUHLQLJHUꢁꢀVRQGHUQꢀQXUꢀHLQꢀIHXFKWHVꢀ7XFKꢂꢀꢀ  
ꢀꢀꢀꢀꢀꢀ)ROJHQꢀ6LHꢀGHQꢀ5HLQLJXQJVKLQZHLVHQꢀLQꢀGHUꢀ%HGLHQXQJVDQOHLWXQJꢂ  
ꢈꢄꢉꢁ6,&+(5+(,76h%(535h)81*ꢁ±ꢀ9HUODQJHQꢀ6LHꢀQDFKꢀHLQHUꢀ:DUWXQJꢀVWHWVꢀHLQHꢀ  
ꢀꢀꢀꢀꢀꢀ6LFKHUKHLWVEHUSUIXQJꢀGXUFKꢀGHQꢀ.XQGHQGLHQVWꢂ  
ꢈꢋꢉꢁ(/(.75267$7,6&+(ꢁ(17/$'81*ꢁꢆꢁ:HQQꢀHLQꢀ)HKOHUꢀDQJH]HLJWꢀZLUGꢀRGHUꢀHLQHꢀ)HKOIXQNWLRQꢀEHVWHKWꢁꢀ  
ꢀꢀꢀꢀꢀꢀGDVꢀ1HW]NDEHOꢀUDXV]LHKHQꢀXQGꢀDOOHꢀ%DWWHULHQꢀHQWIHUQHQꢂꢀ'DQDFKꢀGDVꢀ1HW]NDEHOꢀZLHGHUꢀDQVFKOLH‰HQꢂ  
$&+781*  
',(6(5ꢀ'9'ꢄ3/$<(5ꢀ,67ꢀ(,1ꢀ./$66(ꢀꢌꢀ/$6(5352'8.7ꢀ',(6(5ꢀ'9'ꢄ3/$<(5ꢀ%(187=7  
6,&+7%$5(ꢍ816,&+7%$5(ꢀ/$6(5675$+/(1ꢁꢀ',(ꢀ=8ꢀ*()b+5/,&+(5ꢀ675$+/(1%(/$6781*ꢀ  
)h+5(1ꢀ.g11(1ꢂꢀ%,77(ꢀ%(75(,%(1ꢀ6,(ꢀ'(1ꢀ'9'ꢄ3/$<(5ꢀ(17635(&+(1'ꢀ'(5ꢀ%(',(181*6$1ꢄ  
/(,781*ꢂ  
67(8(581*(1ꢀ2'(5ꢀ(,167(//81*(1ꢀ$1'(56ꢀ$/6ꢀ,1ꢀ',(6(5ꢀ%(',(181*6$1/(,781*ꢀ  
%(6&+5,(%(1ꢀ.g11(1ꢀ=85ꢀ)5(,6(7=81*ꢀ*()b+5/,&+(5ꢀ675$+/81*ꢀ)h+5(1ꢂꢀ*(5b7ꢀ1,&+7ꢀ  
g))1(1ꢂꢀ  
=85ꢀ9(50(,'81*ꢀ921ꢀ)(8(5ꢁꢀ675206&+/$*ꢀ81'ꢀ67g581*(1ꢀ185ꢀ(03)2+/(1(6ꢀ=8%(+g5ꢀ  
9(5:(1'(1ꢀ81'ꢀ*(5b7ꢀ:('(5ꢀ5(*(1ꢀ12&+ꢀ)(8&+7,*.(,7ꢀ$866(7=(1ꢂ  
/$6(5ꢁ352'8.7ꢁ./$66(ꢁꢈ  
&/$66ꢀꢌꢀ/$6(5ꢀ352'8&7  
./$66ꢀꢌꢀ/$6(5ꢀ$33$5$7  
'LHVHVꢀ(WLNHWWꢀLVWꢀXQWHQꢀDXIꢀGHPꢀ*HUlWꢀDQJHEUDFKWꢁꢀXPꢀGDUDXIꢀKLQ]XZHLVHQꢁꢀ  
/82.$1ꢀꢌꢀ/$6(5/$,7(  
./$66(ꢀꢌꢀ/$6(5ꢀ352'8&7  
GDVVꢀGDVꢀ*HUlWꢀHLQHQꢀ/DVHUꢀEHVLW]Wꢂ  
$&+781*ꢀ  
'LHVHVꢀ3URGXNWꢀHQWKlOWꢀXUKHEHUUHFKWOLFKꢀJHVFKW]WHꢀ7HFKQRORJLHQꢁꢀGLHꢀGXUFKꢀ86ꢀXQGꢀDQGHUHQꢀ3DWHQWHꢀGDVꢀ  
JHVFKW]WHꢀ(LJHQWXPꢀYRQꢀ0DFURYLVLRQꢀ&RUSRUDWLRQꢀXQGꢀDQGHUHUꢀ5HFKWHLQKDEHUꢀVLQGꢂꢀ'LHꢀ1XW]XQJꢀGLHVHUꢀ  
7HFKQRORJLHQꢀPXVVꢀGXUFKꢀ0DFURYLVLRQꢀ&RUSRUDWLRQꢀJHVWDWWHWꢀVHLQꢀXQGꢀJLOWꢀQXUꢀIUꢀGHQꢀ+HLPJHEUDXFKꢀVRZLHꢀ  
DQGHUHꢀEHVFKUlQNWHꢀ1XW]XQJHQꢁꢀHVꢀVHLꢀGHQQꢁꢀDQGHUZHLWLJꢀYRQꢀ0DFURYLVLRQꢀ&RUSRUDWLRQꢀDXVGUFNOLFKꢀJHQHKPꢄ  
LJWꢂꢀ5HYHUVHꢀ(QJLQHHULQJꢀXQGꢀ'HPRQWDJHꢀYHUERWHQꢂ  
+,1:(,6(ꢁ=80ꢁ5(*,21$/&2'(ꢀ  
'LHVHUꢀ'9'ꢄ3OD\HUꢀUHDJLHUWꢀDXIꢀGHQꢀ5HJLRQDOFRGHꢁꢀGHUꢀDXIꢀ'9'¶VꢀDXIJH]HLFKQHWꢀLVWꢂꢀ6WLPPWꢀGHUꢀ5HJLRQDOFRGHꢀ  
GHUꢀ'9'ꢀQLFKWꢀPLWꢀGHPꢀ5HJLRQDOFRGHꢀGHVꢀ'9'ꢄ3OD\HUVꢀEHUHLQꢁꢀGDQQꢀNDQQꢀGLHꢀ'9'ꢀQLFKWꢀZLHGHUJHJHEHQꢀ  
ZHUGHQꢂ  
ꢀꢀꢀꢋꢂ  
%HKDQGOXQJꢁYRQꢁ&'¶V  
+LQZHLVHꢀ  
ꢏꢀ9HUVFKPXW]WHꢀRGHUꢀ]HUNUDW]WHꢀ&'VꢀN|QQHQꢀ7RQVSUQJHꢀYHUXUVDFKHQꢂꢀ6lXEHUQꢀ6LHꢀGLHꢀ&'ꢀRGHUꢀZHFKVHOQꢀ6LHꢀGLHꢀ&'ꢀDXVꢂ  
ꢏꢀ(QWQHKPHQꢀ6LHꢀGLHꢀ&'ꢀDXVꢀGHPꢀ&RYHUꢂ  
ꢏꢀ%HUKUHQꢀ6LHꢀGLHꢀ2EHUIOlFKHQꢀQLFKWꢂ  
ꢏꢀ%ULQJHQꢀ6LHꢀNHLQHꢀ$XINOHEHUꢀRGHUꢀ%HVFKULIWXQJHQꢀDXIꢀ&'¶VꢀDQꢂ  
ꢏꢀ%LHJHQꢀ6LHꢀ&'¶VꢀQLFKWꢂ  
$XIEHZDKUXQJ  
ꢏꢀ%HZDKUHQꢀ6LHꢀ&'¶VꢀLQꢀLKUHPꢀ&RYHUꢀDXIꢂ  
ꢏꢀ6HW]HQꢀ6LHꢀ&'¶VꢀQLFKWꢀGLUHNWHUꢀ6RQQHQHLQVWUDKOXQJꢁꢀKRKHQꢀ7HPSHUDWXUHQꢁꢀ)HXFKWLJNHLWꢀRGHUꢀ6WDXEꢀDXVꢂ  
5HLQLJHQꢁYRQꢁ&'¶V  
ꢏꢀ5HLQLJHQꢀ6LHꢀ&'¶VꢀPLWꢀHLQHPꢀZHLFKHQꢀ7XFKꢂ  
ꢏꢀ5HLQLJHQꢀ6LHꢀ&'¶VꢀYRQꢀLQQHQꢀQDFKꢀDX‰HQꢂꢀ  
921ꢀ,11(1ꢀ1$&+ꢀ$866(1  
5,&+7,*ꢀ  
)$/6&+  
$10(5.81*(1ꢁ=8ꢁ'(1ꢁ',6&6  
)RUPDWHꢁꢀGLHꢀYRQꢀGLHVHPꢀ$EVSLHOJHUlWꢀXQWHUVWW]WꢀZHUGHQ  
'9'ꢀꢌꢅꢀFPꢀꢉQXUꢀHLQVHLWLJꢊ  
9LGHRꢄ&'ꢀꢌꢅFP  
&'ꢀꢌꢅꢀFP  
03ꢇꢀꢌꢅFP  
,167$//$7,21  
:lKOHQꢀ6LHꢀGHQꢀ,QVWDOODWLRQVRUWꢀVRꢀDXVꢁꢀGDVVꢀGDVꢀ)DKUYHUP|JHQꢀGHVꢀ)DKUHUVꢀQLFKWꢀEHHLQWUlFKWLJWꢀZLUGꢂ  
6FKOLH‰HQꢀ6LHꢀ]XQlFKVWꢀDOOHꢀ.DEHOꢀDQꢁꢀEHYRUꢀ6LHꢀGDVꢀ*HUlWꢀHQGJOWLJꢀHLQEDXHQꢀXQGꢀSUIHQꢁꢀREꢀDOOHꢀ$QVFKOVVHꢀNRUUHNWꢀ  
DXVJHIKUWꢀZXUGHQꢀXQGꢀGDVꢀ*HUlWꢀHLQZDQGIUHLꢀIXQNWLRQLHUWꢂ  
%HQXW]HQꢀ6LHꢀQXUꢀPLWJHOLHIHUWHVꢀ=XEHK|UꢁꢀXPꢀHLQHꢀNRUUHNWHꢀ,QVWDOODWLRQꢀ]XꢀJHZlKUOHLVWHQꢂꢀ'LHꢀ9HUZHQGXQJꢀQLFKWꢀRULJLQDOHUꢀ  
7HLOHꢀNDQQꢀ]Xꢀ)HKOIXQNWLRQHQꢀIKUHQꢂ  
:HQGHQꢀ6LHꢀVLFKꢀDQꢀGHQꢀQlFKVWJHOHJHQHQꢀ.XQGHQGLHQVWꢁꢀIDOOVꢀIUꢀGHQꢀ(LQEDXꢀ/|FKHUꢀJHERKUWꢀRGHUꢀVRQVWLJHꢀ9HUlQGHUXQJHQꢀ  
DPꢀ)DKU]HXJꢀYRUJHQRPPHQꢀZHUGHQꢀPVVHQꢂ  
%DXHQꢀ6LHꢀGDVꢀ*HUlWꢀGRUWꢀHLQꢁꢀZRꢀHVꢀGHQꢀ)DKUHUꢀQLFKWꢀVW|UHQꢀNDQQꢀXQGꢀNHLQHꢀ*HIDKUꢀIUꢀ0LWIDKUHUꢀEHLꢀ1RWEUHPVXQJHQꢀGDUVWHOOWꢂ  
%HLꢀHLQHPꢀ(LQEDXZLQNHOꢀYRQꢀPHKUꢀDOVꢀꢇꢐžꢀNDQQꢀHVꢀ]Xꢀ)HKOIXQNWLRQHQꢀNRPPHQꢂ  
ꢀꢀꢀꢎꢂ  
,167$//$7,21  
ꢄꢏ  
9HUPHLGHQꢀ6LHꢀGHQꢀ(LQEDXꢀDQꢀ2UWHQꢁꢀLQꢀGHQHQꢀGDVꢀ*HUlWꢀJUR‰HUꢀ+LW]HꢀDXVJHVHW]WꢀLVWꢁꢀZLHꢀHWZDꢀEHLꢀ  
GLUHNWHUꢀ6RQQHQHLQVWUDKOXQJꢀRGHUꢀLQꢀXQPLWWHOEDUHUꢀ1lKHꢀYRQꢀ+HL]XQJVDXVWULWWHQꢂꢀ6FKW]HQꢀ6LHꢀGDVꢀ*HUlWꢀ  
HEHQIDOOVꢀYRUꢀ6WDXEꢁꢀ6FKPXW]ꢀXQGꢀVWDUNHQꢀ9LEUDWLRQHQꢂ  
',1ꢄ(LQEDXꢀYRUQꢍKLQWHQ  
'DVꢀ*HUlWꢀNDQQꢀHQWZHGHUꢀÄYRQꢀYRUQ³ꢀꢉJHZ|KQOLFKHUꢀ',1ꢄ(LQEDXꢊꢀRGHUꢀÄYRQꢀKLQWHQ³ꢀꢉUFNZlUWLJHU  
',1ꢄ(LQEDXꢀPLWꢀ+LOIHꢀYRQꢀ(LQVFKUDXEO|FKHUQꢀVHLWOLFKꢀLPꢀ*HUlWHJHKlXVHꢊꢀHLQJHEDXWꢀZHUGHQꢂ  
(LQ]HOKHLWHQꢀHQWQHKPHQꢀ6LHꢀELWWHꢀGHQꢀQDFKVWHKHQGHQꢀ,OOXVWUDWLRQHQꢂ  
$50$785(1%5(77  
6(&+6.$170877(5  
0(7$//675(,)(1  
)('(56&+(,%(  
.2162/(  
817(5/(*6&+(,%(  
*(:,1'(6&+5$8%(  
+$/7(581*  
6(&+.$17%2/=(1  
0217$*(6&+/h66(/  
.8167672))$%'(&.81*  
0217$*(6&+/h66(/  
)DOOVꢀ6LHꢀGDVꢀ*HUlWHJHKlXVHꢀDXVꢀGHUꢀ(LQEDXKDOWHUXQJꢀKHUDXVQHKPHQꢀP|FKWHQꢁꢀHQWIHUQHQꢀ6LHꢀ]XHUVWꢀDXIꢀEHLGHQꢀ6HLWHQꢀ  
GLHꢀ.XQVWVWRIIDEGHFNXQJꢀXQGꢀEULQJHQꢀGDQQꢀMHZHLOVꢀOLQNVꢀXQGꢀUHFKWVꢀDPꢀ*HUlWHJHKlXVHꢀHLQHQꢀGHUꢀ0RQWDJHVFKOVVHOꢀDQꢂ  
ꢀꢀꢀꢑꢂ  
,167$//$7,21  
$QVHW]HQꢁXQGꢁ$EQHKPHQꢁGHUꢁ)URQWSODWWH  
/DVVHQꢀ6HLꢀEHLPꢀ$QVHW]HQꢀXQGꢀ$EQHKPHQꢀGHUꢀ)URQWSODWWHꢀELWWHꢀEHVRQGHUHꢀ9RUVLFKWꢀZDOWHQꢁꢀXPꢀGLHꢀ$QVFKOVVHꢀDXIꢀGHUꢀ  
5FNVHLWHꢀQLFKWꢀ]XꢀEHVFKlGLJHQꢂ  
$EQHKPHQꢁGHUꢁ)URQWSODWWH  
9HUJHZLVVHUQꢀ6LHꢀVLFKꢀYRUꢀGHPꢀ$EQHKPHQꢀGHUꢀ)URQWSODWWHꢁꢀGDVVꢀGDVꢀ*HUlWꢀDXVJHVFKDOWHWꢀLVWꢂ  
ꢌꢂꢀꢀ'UFNHQꢀ6LHꢀGHQꢀ(QWVSHUUNQRSIꢀ]XPꢀ(QWVSHUUHQꢀGHUꢀOLQNHQꢀ*HUlWHVHLWHꢀꢉVLHKHꢀ$EEꢂꢀꢌꢊꢂ  
ꢅꢂꢀꢀ1HKPHQꢀ6LHꢀGLHꢀ)URQWSODWWHꢀDEꢀꢉVLHKHꢀ$EEꢂꢀꢅꢊꢀXQGꢀEHZDKUHQꢀGLHVHꢀLPꢀ6FKXW]HWXLꢀDXIꢀꢉVLHKHꢀ$EEꢂꢀꢇꢊꢂ  
$QVHW]HQꢁGHUꢁ)URQWSODWWH  
6HW]HQꢀ6LHꢀGLHꢀ)URQWSODWWHꢀ]XQlFKVWꢀUHFKWVꢀLPꢀ*HUlWHJHKlXVHꢀHLQꢁꢀGDQDFKꢀGUFNHQꢀ6LHꢀGLHꢀOLQNHꢀ6HLWHꢀDQꢂꢀ  
(QWVSHUUWDVWH  
$EEꢂꢀꢌ  
$EEꢂꢀꢅ  
$XVVSDUXQJ  
(LQKDNHQ  
$EEꢂꢀꢋ  
$EEꢂꢀꢇ  
$EEꢂꢀꢎ  
$EEꢂꢀꢑ  
9RUVLFKWꢇ  
.RQWDNHꢀQLFKWꢀEHUKUHQꢁꢀGDVꢀNDQQꢀ]Xꢀ)HKOIXQNWLRQHQꢀIKUHQꢂꢀ=XPꢀ5HLQLJHQꢀQXUꢀPLWꢀHLQHPꢀWURFNHQHQꢀ7XFKꢀDEZLVFKHQꢂ  
$EEꢂꢀꢒ  
ꢀꢀꢀꢒꢂ  
,167$//$7,21  
bQGHUXQJꢁGHVꢁ%OLFNZLQNHOV  
=XUꢀbQGHUXQJꢀGHVꢀ%OLFNZLQNHOꢀGUFNHQꢀ6LHꢀELWWHꢀꢀꢀꢀꢀDXIꢀGHUꢀ)URQWEOHQGHꢂ  
:LQNHOꢀꢅ  
:LQNHOꢀꢌ  
:LQNHOꢀꢇ  
:LQNHOꢀꢋ  
9256,&+7ꢀ  
1LFKWꢀPLWꢀGHQꢀ)LQJHUQꢀKLQWHUꢀGLHꢀ)URQWSODWWHꢀJUHLIHQꢂ  
ꢀꢀꢀꢓꢂ  
(/(.75,6&+(5ꢁ$16&+/866  
9HUNDEHOXQJ  
(,1%$8*(5b7  
:(,66  
*5h1  
ꢉ%ꢕꢊꢀꢌꢅ9  
.$0(5$ꢀ6&+$/7(5ꢀ+,17(1  
,62ꢀ67(&.(5  
ꢉ%ꢄꢊꢀ+$1'%5(06(  
*(/%  
.$0(5$(,1*$1*ꢀ+,17(1  
$8;ꢀꢉRSWLRQDOꢊ  
9,'(2ꢀ(,1*$1*ꢀ*(/%  
5&+ꢀ(,1*$1*ꢀ527  
/&+ꢀ(,1*$1*ꢀꢀ:(,66  
$17(11(1$16&+/866  
5&$ꢄ.$%(/  
*5$8ꢀ68%:22)(5  
9,'(2ꢀ$86*$1*ꢀꢅꢀ*(/%  
527  
=h1'81*ꢀꢉ%ꢕꢊ  
&2$;,$/ꢀ$86*$1*ꢀ%5$81  
5&+ꢀ527  
5&$ꢀ$86*$1*ꢀ+,17(1  
ꢉRSWLRQDOꢊ  
6,&+(5ꢄ  
*(/%  
81*6ꢄ  
63(,&+(5ꢀꢉ%ꢕꢊ  
0$66(ꢀꢉ%ꢄꢊ  
.$67(1  
/&+ꢀ:(,66  
5&$ꢀ$86*$1*ꢀ9251  
)5217ꢀ5&$ꢀ527ꢀ5  
6&+:$5=  
9,'(2ꢀ$86*$1*ꢀꢌꢀ*(/%  
)5217ꢀ5&$ꢀ:(,66ꢀ/  
ꢉ185ꢀ9(56,21ꢀ0,7ꢀ5&$ꢀ$86*$1*ꢊ  
6,&+(581*  
$8720$7 %/$8  
$17(11(  
:(,66  
*5$8  
925'(5(5  
/$87635(&+(5ꢀꢉ5ꢊ  
925'(5(5  
/$87635(&+(5ꢀꢉ/ꢊ  
:(,66ꢍ6&+:$5=  
*5$8ꢍ6&+:$5=  
*5h1  
9,2/(77  
+,17(5(5ꢀ  
/$87635(&+(5ꢀꢉ5ꢊ  
+,17(5(5  
/$87635(&+(5ꢀꢉ/ꢊ  
ꢀ*5h1ꢍ6&+:$5=  
9,2/(77ꢍ6&+:$5=  
ꢏꢊꢀ%LWWHꢀVFKOLH‰HQꢀ6LHꢀGDVꢀJUQHꢀ.DEHOꢀDQꢀGLHꢀ0DVVHꢀGHVꢀ6FKDOWHUVꢀGHUꢀ)HVWVWHOOEUHPVHꢀRGHUꢀGHUꢀ3DUNSRVLWLRQꢀEHL  
$XWRPDWLNJHWULHEHQꢀDQꢁꢀXPꢀHLQHꢀHLQZDQGIUHLHꢀ)XQNWLRQDOLWlWꢀGHVꢀ7)7ꢄ6FUHHQVꢀLPꢀ'9'ꢄ%HWULHEꢀ]XꢀJHZlKUOHLVWHQꢂꢀ  
'DVꢀ*HVHW]ꢀIRUGHUWꢀGHQꢀ$QVFKOXVVꢀDQꢀGHUꢀ)HVWVWHOOEUHPVHꢀRGHUꢀ3DUNSRVLWLRQꢀEHLꢀ$XWRPDWLNJHWULHEHQꢁꢀXPꢀIUꢀ6LHꢀXQGꢀ,KUHꢀ  
3DVVDJLHUHꢀHLQHꢀJU|‰WP|JOLFKHꢀ6LFKHUKHLWꢀLPꢀ6WUD‰HQYHUNHKUꢀ]XꢀHUUHLFKHQꢀXQGꢀHLQHꢀXQQ|WLJHꢀ$EOHQNXQJꢀ]XꢀYHUPHLGHQꢂ  
ꢀꢀꢀꢔꢂ  
)(51%(',(181*  
ꢌꢑ  
ꢌꢎ  
ꢌꢒ  
ꢌꢔ  
ꢅꢐ  
ꢅꢌ  
ꢌꢇ  
ꢅꢇ  
ꢌꢅ  
ꢌꢋ  
ꢅꢅ  
ꢌꢓ  
ꢌꢌ  
ꢅꢋ  
ꢅꢎ  
ꢌꢐ  
ꢅꢑ  
ꢌꢂꢀ&/.  
8PVFKDOWHQꢀGHUꢀ=HLWDQ]HLJHꢂ  
%OXHWRRWKꢀ)XQNWLRQꢁꢀVLHKHꢀ6HLWHꢀꢌꢎꢂ  
$QKDOWHQꢀGHUꢀ:LHGHUJDEHꢂ  
ꢅꢂꢀ3$,5ꢍ  
ꢇꢂꢀ6723  
ꢋꢂꢀ6(783  
ꢎꢂꢀ02ꢍ67ꢉ$8',2ꢊ  
$XIUXIHQꢀGHVꢀ6(783ꢀ0HQVꢂ  
,Pꢀ5DGLRPRGXVꢀGUFNHQꢁꢀXPꢀ]ZLVFKHQꢀ0RQRꢀXQGꢀ6WHUHRꢀXP]XVFKDOWHQꢀꢉLPꢀ',6&ꢄ0RGXVꢀ  
]XPꢀ:HFKVHOQꢀGHUꢀ7RQVSXUꢀEHLꢀ'9'¶VꢀRGHUꢀ:HFKVHOQꢀGHVꢀ6RXQGPRGXVꢀEHLꢀ9&'ꢍ&'ꢀ  
'LVFVꢊꢂ  
8PVFKDOWHQꢀGHUꢀ8QWHUWLWHOVSUDFKHꢀDXIꢀ'9'¶Vꢂꢀ,Pꢀ5DGLRPRGXVꢀ]XPꢀ8PVFKDOWHQꢀDXIꢀ  
HQWIHUQWHQꢀ(PSIDQJꢁꢀZHQQꢀ6LHꢀVLFKꢀLQꢀHLQHPꢀ%HUHLFKꢀPLWꢀVFKZDFKHUꢀ6LJQDOVWlUNHꢀ  
EHILQGHQꢂꢀ(UQHXWHUꢀ7DVWHQGUXFNꢁꢀZHQQꢀ6LJQDOHꢀZLHGHUꢀVWlUNHUꢀVLQGꢂ  
$XIUXIHQꢀGHVꢀ:LHGHUKROXQJVPRGXVꢀIUꢀ'9'ꢍ9&'ꢍ&'ꢍ03ꢇꢂ  
%OXHWRRWKꢀ)XQNWLRQꢁꢀVLHKHꢀ6HLWHꢀꢌꢎꢂ  
6XFKWDVWHꢁꢀ%HGLHQXQJꢀLQꢀ9HUELQGXQJꢀPLWꢀGHQꢀ=LIIHUQWDVWHQꢂ  
,Pꢀ%OXHWRRWKꢀ0HQꢀDOVꢀꢀꢀꢀꢀ7DVWHꢀDXIꢀGHPꢀ0RELOWHOHIRQꢂ  
ꢑꢂꢀ68%7,7/(ꢀ/2ꢍ';  
ꢒꢂꢀ5(',$/ꢍꢀ  
ꢓꢂꢀ*272ꢍ  
ꢔꢂꢀꢀꢀꢀꢀꢍꢀ  
0LWꢀꢀꢀꢀꢀꢀ]XPꢀQlFKVWHQꢀ7LWHOꢀVSULQJHQꢁꢀPLWꢀꢀꢀꢀꢀꢀ]XPꢀYRUKHULJHQꢀ7LWHOꢀVSULQJHQꢀꢉLPꢀ'9'ꢄ0RGXVꢀꢀꢀꢀꢀꢀ  
ꢀꢀꢀꢀꢀꢀ7DVWHꢀVWHWVꢀ]ZHLPDOꢀGUFNHQꢁꢀXPꢀHLQHQꢀ6FKULWWꢀ]XUFNꢀ]XꢀJHKHQꢂ  
7DVWHQGUXFNꢀ]XPꢀ$XIUXIHQꢀYRQꢀ/DXWVWlUNHꢁꢀ%lVVHQꢁꢀ+|KHQꢁꢀ6HLWHQDEJOHLFKꢁꢀ)DGHUꢁꢀ)DUEHꢁꢀ  
+LQWHUJUXQGꢄ)DUEHꢁꢀ+HOOLJNHLWꢁꢀ.RQWUDVWꢁꢀ)DUEWRQꢀXQGꢀ%OXHWRRWKꢂ  
(LQVWHOOHQꢀGHUꢀ/DXWVWlUNHꢂ  
ꢌꢐꢂꢀ6(/  
ꢌꢌꢂꢀ92/ꢕꢍ92/ꢄ  
ꢌꢅꢂꢀꢀꢀꢀꢀꢍꢀꢀꢀꢀꢍꢀꢀꢀꢀꢀꢍ  
ꢌꢇꢂꢀ0(18ꢀ  
3IHLOWDVWHQꢀ]XUꢀ$XVZDKOꢀYRQꢀ2SWLRQHQꢀLPꢀ6(783ꢀ0HQꢂꢀ  
$XIUXIHQꢀGHVꢀ+DXSWPHQVꢀHLQHUꢀ'9'ꢍ9&'ꢂꢀ:HQQꢀGLHꢀ7DVWHꢀOlQJHUꢀDOVꢀꢅꢀ6HNXQGHQꢀ  
JHGUFNWꢀZLUGꢁꢀ$NWLYLHUXQJꢀGHVꢀ68%:22)(56ꢁꢀQRFKPDOVꢀꢅꢀ6HNXQGHQꢀJHGUFNWꢀKDOWHQꢁꢀ  
XPꢀGLHVHQꢀDXV]XVFKDOWHQꢂ  
ꢀꢀꢀꢀꢀꢀ68%ꢀ:22)(5  
ꢌꢋꢂꢀ%$1'ꢀꢉ26'ꢊ  
ꢌꢎꢂꢀꢀꢀꢀꢀꢍ02'6  
$Q]HLJHꢀYRQꢀ'LVFꢄ,QIRUPDWLRQHQꢀLQꢀ:LHGHUJDEHꢂꢀ,Pꢀ5DGLRPRGXVꢀ%DQGZDKOꢀ)0ꢍ$0ꢂ  
(LQꢄꢀXQGꢀ$XVVFKDOWHQꢀGHVꢀ*HUlWVꢂ  
8PVFKDOWHQꢀ]ZLVFKHQꢀ79ꢁꢀ',6&ꢁꢀ5$',2ꢁꢀ',6&ꢁꢀ$8;ꢀ,1ꢀXQGꢀ%7ꢀ0RGXV  
(UVWHUꢀ7DVWHQGUXFNꢀ]XUꢀYRUEHUJHKHQGHQꢀ8QWHUEUHFKXQJꢀGHUꢀ:LHGHUJDEHꢀꢉ3DXVHꢊꢁꢀ  
HUQHXWHUꢀ7DVWHQGUXFNꢀ]XPꢀ)RUWVHW]HQꢀGHUꢀ:LHGHUJDEHꢂ  
ꢌꢑꢂꢀ3/$<ꢍ3$86(  
,Pꢀ5DGLRPRGXVꢀꢉPLWꢀDNWLYLHUWHPꢀ5'6ꢊꢀ37<ꢀ$XVZDKOꢂ  
ꢌꢒꢂꢀ087(  
ꢌꢓꢂꢀ7,7/(ꢍ3%&ꢀꢉ$ꢍ3ꢊ  
$NWLYLHUXQJꢀGHUꢀ6WXPPVFKDOWXQJꢂ  
$XIUXIHQꢀGHVꢀ7LWHOPHQVꢀHLQHUꢀ'9'ꢁꢀIUꢀ9&'ꢀ3%&ꢀHLQꢄꢀXQGꢀDXVVFKDOWHQꢀꢉLPꢀ5DGLRPRGXVꢀ  
DXWRPDWLVFKHUꢀ6HQGHUVSHLFKHUꢀXQGꢀ$XIUXIHQꢀGHUꢀ6WDWLRQVWDVWHQꢊꢂ  
bQGHUXQJꢀGHVꢀ:LQNHOVꢀGHUꢀ)URQWSODWWHꢂ  
ꢌꢔꢂꢀꢀ  
ꢅꢐꢂꢀ$1*/(  
ꢅꢌꢂꢀ(4ꢍ/28'  
8PVFKDOWHQꢀ]ZLVFKHQꢀGHQꢀ.DPHUDꢄ%OLFNZLQNHOQꢀHLQHUꢀ'9'ꢂ  
$NWLYLHUXQJꢀGHVꢀ(TXDOL]HUVꢂꢀ,Pꢀ5DGLRPRGXVꢀEHLꢀ9HUULQJHUXQJꢀGHUꢀ/DXWVWlUNHꢀXPꢀGLHꢀ+lOIWHꢀ  
]XUꢀ9HUVWlUNXQJꢀGHUꢀ%DVVHIIHNWHꢂ  
6FKQHOOHUꢀ9RUODXIꢀPLWꢀꢀꢀꢀꢀꢁꢀVFKQHOOHUꢀ5FNODXIꢀPLWꢀꢀꢀꢀꢀꢂ  
%HVWlWLJXQJꢀYRQꢀ(LQJDEHQꢀPLWꢀGHQꢀ=LIIHUQWDVWHQꢀRGHUꢀ3IHLOWDVWHQꢂ  
6HFKVꢀYRUHLQJHVWHOOWHꢀ6SHLFKHUWDVWHQꢂ  
=LIIHUQWDVWHQꢁꢀLPꢀ5DGLRPRGXVꢀꢉ5'6ꢀDNWLYLHUWꢊꢀꢐꢀPLWꢀ7$ꢀꢀXQGꢀꢔꢀPLWꢀ7)ꢀEHOHJWꢂ  
%HGLHQXQJꢀLQꢀ9HUELQGXQJꢀPLWꢀGHQꢀ=LIIHUQWDVWHQꢁꢀ(LQJDEHꢀYRQꢀ=DKOHQꢀJU|‰HUꢀDOVꢀꢌꢐꢂ  
,Pꢀ%OXHWRRWKꢀ0HQꢀDOVꢀꢖꢀ7DVWHꢀDXIꢀGHPꢀ0RELOWHOHIRQꢂ  
ꢅꢅꢂꢀꢀꢀꢀꢀꢍꢀ  
ꢅꢇꢂꢀ(17(5  
ꢅꢋꢂꢀ6WDWLRQVWDVWHQ  
ꢅꢎꢂꢀꢐꢄꢔ  
ꢅꢑꢂꢀꢕꢌꢐꢍꢖ  
ꢀꢀꢀꢌꢐꢂ  
9RUEHUHLWHQꢁGHUꢁ)HUQEHGLHQXQJ  
(LQVHW]HQꢁGHUꢁ%DWWHULHQꢀ  
ꢌꢂꢀꢀꢀ=XHUVWꢀZLHꢀLQꢀ6FKULWWꢀꢀꢀꢀꢀꢀꢀꢀJH]HLJWꢀJHPl‰ꢀGHUꢀ3IHLOULFKWXQJꢀQDFKꢀ,QQHQꢀHLQGUFNHQꢁꢀGDQQꢀGLHꢀ%DWWHULHKDOWHUXQJꢀLQꢀ  
ꢀꢀꢀꢀꢀꢀ3IHLOULFKWXQJꢀꢉ6FKULWWꢀꢀꢀꢀꢀꢊꢀKHUDXV]LHKHQꢂ  
ꢅꢂꢀꢀꢀ1HXHꢀ%DWWHULHꢀPLWꢀGHPꢀꢕꢀ6\PEROꢀQDFKꢀREHQꢀHLQVHW]HQꢀꢉ6FKULWWꢀꢀꢀꢀꢀꢀꢊꢂ  
ꢇꢂꢀꢀꢀ%DWWHULHKDOWHUXQJꢀ]XUFNVFKLHEHQꢀXQGꢀLQꢀXUVSUQJOLFKHꢀ3RVLWLRQꢀHLQGUFNHQꢀꢉ6FKULWWꢀꢀꢀꢀꢀꢊꢂ  
*HEUDXFKꢁGHUꢁ)HUQEHGLHQXQJꢀ  
5LFKWHQꢀ6LHꢀGLHꢀ)HUQEHGLHQXQJꢀDXIꢀGHQꢀ,5ꢀ(PSIlQJHUꢀDXIꢀGHUꢀ)URQWEOHQGHꢀGHVꢀ3OD\HUVꢀꢉ6LJQDOHPSIlQJHUꢊꢀDXVꢂꢀ  
:LUNXQJVEHUHLFKꢃꢀFDꢂꢀ“ꢇꢐꢀ*UDGꢀLQꢀMHGHꢀ5LFKWXQJꢀYRPꢀ(PSIlQJHUꢀDXVꢂ  
ꢀꢀꢀꢌꢌꢂ  
$//*(0(,1(ꢁ%(',(181*6+,1:(,6(  
ꢅꢋ  
ꢌꢔ  
ꢌꢐ  
ꢅꢌ ꢅꢐ  
ꢅꢇ  
5(/  
&$5 '9'ꢍ9&'ꢍ&'ꢍ03ꢇ 3/$<(5 :,7+ 03(*ꢋ  
,5  
5(7  
0,&  
ꢌꢒ  
ꢌꢋ  
7$ꢍ$)  
92/ꢄ  
08  
37<  
3$,5  
ꢌꢓ  
ꢌꢑ  
ꢌꢍ723  
ꢅꢍ537  
ꢇꢍ,17  
ꢋꢍ5'0  
6(/  
%1'  
92/ꢕ  
,
(
2
1
02'  
$8; ,1  
ꢅꢅ  
ꢅꢎ  
ꢌꢇ  
ꢌꢎ  
ꢌꢌ ꢌꢅ  
ꢈꢉꢁ5(/ꢁ7DVWH  
ꢀꢀꢀꢀ(QWVSHUUWDWHꢀIUꢀGLHꢀDEQHKPEDUHꢀ)URQWSODWWHꢂ  
ꢊꢉꢁꢁꢁꢁꢁꢁꢐ02'ꢁ7DVWH  
ꢀꢀꢀꢀ(LQꢄꢀXQGꢀ$XVVFKDOWHQꢀGHVꢀ*HUlWVꢂ  
ꢀꢀꢀꢀ,Pꢀ:LHGHUJDEHPRGXVꢀ8PVFKDOWHQꢀ]ZLVFKHQꢀ$8;ꢀ,1ꢀ!ꢀ5$',2ꢀ!ꢀ',6&ꢀ!ꢀ%7ꢀ086,&ꢂ  
ꢀꢀꢀꢀ,Pꢀ86%ꢀ:LHGHUJDEHPRGXVꢀ]XPꢀ8PVFKDOWHQꢀ]XUꢀ'LVFꢀ:LHGHUJDEHꢀ]XQlFKVWꢀ6WRSSWDVWHꢀXQGꢀGDQQꢀ*272ꢀGUFNHQꢂ  
ꢄꢆꢋꢉꢁ92/ꢑꢐ92/ꢆꢁ ꢁ6(/ꢁ7DVWH  
ꢀꢀꢀꢀꢀꢀꢀ0HKUIDFKHUꢀ7DVWHQGUXFNꢀ]XPꢀ$XIUXIHQꢀGHUꢀ6RXQGꢄꢍ%LOGHLQVWHOOXQJHQꢀYRQꢀ/DXWVWlUNHꢁꢀ%lVVHQꢁꢀ+|KHQꢁꢀ6HLWHQDEJOHLFKꢁꢀ  
ꢀꢀꢀꢀꢀꢀꢀ)DGHUꢁꢀ)DUEHꢁꢀ+HOOLJNHLWꢁꢀ.RQWUDVWꢁꢀ)DUEWRQꢁꢀ+LQWHUJUXQGꢄ)DUEHꢀXQGꢀ%OXHWRRWKꢂꢀ(LQVWHOOHQꢀGHUꢀ:HUWHꢀPLWꢀ92/ꢕꢍ92/ꢄꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢉ$Q]HLJHꢀLPꢀ'LVSOD\ꢊꢂꢀ(UIROJWꢀIUꢀPHKUHUHꢀ6HNXQGHQꢀNHLQHꢀ(LQJDEHꢁꢀGDQQꢀNHKUWꢀGDVꢀ'LVSOD\ꢀ]XUꢀQRUPDOHQꢀ5DGLRꢄꢀE]Zꢂꢀ  
ꢀꢀꢀꢀꢀꢀꢀ&'ꢄ$Q]HLJHꢀ]XUFNꢂ  
9ROXPH  
%DVV  
7UHEOH %DODQFH  
)DGHU %OXHWRRWK  
7LQW  
&RQWUDVW  
%ULJKW  
&RORU  
%* &RORU  
ꢃꢉꢁ%$1'ꢁ7DVWH  
ꢀꢀꢀꢀ$XVZDKOꢀGHVꢀ%DQGEHUHLFKVꢀLPꢀ5DGLRPRGXVꢀDXIꢀ*HUlWꢀRGHUꢀ)HUQEHGLHQXQJꢂꢀ'HUꢀ%DQGEHUHLFKꢀZLUGꢀLPꢀ'LVSOD\ꢀDQJH]HLJWꢂꢀ  
ꢀꢀꢀꢀ:lKOHQꢀ6LHꢀ]ZLVFKHQꢀGHQꢀ%DQGEHUHLFKHQꢃ  
ꢀꢀꢀꢀ)0ꢀꢀꢀꢀꢀꢀ0:ꢀꢀꢀꢀꢀꢀꢀꢀꢀ  
,Pꢀ%OXHWRRWKꢀ0HQꢀ]XUꢀ1XW]XQJꢀGHUꢀ%OXHWRRWKꢀ)XQNWLRQHQꢁꢀVLHKHꢀ6HLWHꢀꢌꢎꢂ  
ꢌꢉꢁ7$ꢐ$)ꢁ%87721  
7$ꢁ)XQNWLRQꢁꢒ9HUNHKUVGXUFKVDJHQꢓꢁꢒQXUꢁ5'6ꢓ  
,Pꢀ5DGLRPRGXV  
0LWꢀNXU]HUꢀ'UHKXQJꢀYRQꢀ6(/ꢀLQꢀ5LFKWXQJꢀ7$ꢍ$)ꢀZLUGꢀ7$ꢀHLQꢄꢀRGHUꢀDXVJHVFKDOWHWꢂꢀ%HLꢀ8.:ꢄ(PSIDQJꢀZLUGꢀGLHꢀ  
DXWRPDWLVFKHꢀ6XFKHꢀQDFKꢀHLQHPꢀ9HUNHKUVIXQNVHQGHUꢀVRIRUWꢀJHVWDUWHWꢀꢉ7$ꢀ6((.ꢊꢂ  
%HLPꢀ$XIILQGHQꢀHLQHVꢀ9HUNHKUIXQNVHQGHUVꢀZLUGꢀGLHVHVꢀPLWꢀ73ꢀDQJH]HLJWꢂ  
%HLPꢀ$XVVWUDKOHQꢀYRQꢀ9HUNHKUVQDFKULFKWHQꢀZLUGꢀGHUꢀ'LVFPRGXVꢀXQWHUEURFKHQꢀꢉLPꢀ'LVSOD\ꢀZLUGꢀ75$)),&ꢀDQJH]HLJWꢊꢂꢀ  
'LHꢀ/DXWVWlUNHꢀZLUGꢀ]XUꢀ0LQGHVWHLQVWHOOXQJꢀIUꢀ9HUNHKUVGXUFKVDJHQꢀDQJHKREHQꢂꢀ$QVFKOLH‰HQGꢀNHKUWꢀGDVꢀ*HUlWꢀLQꢀGHQꢀ  
YRUKHULJHQꢀ0RGXVꢀ]XUFNꢂ  
$)ꢁꢒ$OWHUQDWLYꢆ)UHTXHQ]ꢓ  
+DOWHQꢀ6LHꢀ6(/ꢀLQꢀ5LFKWXQJꢀ7$ꢍ$)ꢀIUꢀꢅꢀ6HNXQGHQꢀJHGUHKWꢁꢀGDQQꢀZLUGꢀ$)ꢀHLQꢄꢀRGHUꢀDXVJHVFKDOWHWꢂꢀ  
$)ꢀDXVꢃꢀ$)ꢀ8PVFKDOWPRGXVꢀLVWꢀDXVJHVFKDOWHWꢀꢉHUQHXWHUꢀODQJHUꢀ7DVWHQGUXFNꢀDXIꢀ$)ꢊꢂ  
$)ꢀHLQꢃꢀ$)ꢀ8PVFKDOWPRGXVꢀLVWꢀHLQJHVFKDOWHWꢁꢀGDVꢀ*HUlWꢀWHVWHWꢀVWlQGLJꢀGLHꢀ)HOGVWlUNHꢂꢀ  
:LUGꢀHLQꢀVWlUNHUHUꢀ6HQGHUꢀDXIJHIXQGHQꢁꢀGDQQꢀZLUGꢀGRUWKLQꢀXPJHVFKDOWHWꢁꢀLPꢀ'LVSOD\ꢀZLUGꢀIUꢀꢌꢀELVꢀꢅꢀ6HNXQGHQꢀ1(:ꢀ  
)5(48(1&<ꢀDQJH]HLJWꢂꢀ$)ꢀEOLQNWꢃꢀ$)ꢀ8PVFKDOWPRGXVꢀLVWꢀDXVJHZlKOWꢁꢀ5'6ꢀ,QIRUPDWLRQHQꢀZHUGHQꢀMHGRFKꢀQRFKꢀQLFKWꢀ  
HPSIDQJHQꢂ  
:LUGꢀGLHꢀ6(/ꢀ7DVWHꢀOlQJHUꢀJHGUFNWꢁꢀGDQQꢀZLUGꢀGHUꢀ5HJLRQDOPRGXVꢀHLQꢄꢀRGHUꢀDXVJHVFKDOWHWꢃꢀ5(*ꢀ21ꢍ5(*ꢀ2))  
3,ꢀ087(ꢍ3,ꢀ6281'ꢁꢀ$)ꢀ2))ꢍ$)ꢀ21ꢂ  
5HJLRQDOPRGXVꢀHLQJHVFKDOWHWꢂ  
3,ꢄ&RGHꢀZLUGꢀJHSUIWꢁꢀZHQQꢀGLHꢀ$)ꢄ6XFKHꢀOlXIWꢂꢀ  
5HJLRQDOPRGXVꢀDXVJHVFKDOWHWꢂ  
3,ꢄ&RGHꢀXQGꢀ(LQ]XJVEHUHLFKꢀZHUGHQꢀQLFKWꢀJHSUIWꢁꢀZHQQꢀGLHꢀ$)ꢄ6XFKHꢀOlXIWꢂ  
ꢀꢀꢀꢌꢅꢂ  
ꢂꢆꢍꢆꢎꢆꢈꢏꢆꢈꢈꢆꢈꢊꢁꢁ67$7,2167$67(1  
,Pꢁ5DGLRPRGXVꢀ  
Dꢊꢀ6SHLFKHUXQJꢀGHUꢀDNWXHOOHQꢀ)UHTXHQ]ꢁꢀ7DVWHQGUXFNꢀIUꢀPHKUꢀDOVꢀꢅꢀ6HNXQGHQꢀDXIꢀHLQHꢀGHUꢀ6WDWLRQVWDVWHQꢀ>ꢌꢄꢑ@ꢀDXIꢀGHUꢀ  
ꢀꢀꢀꢀ)URQWEOHQGHꢀ]XUꢀ6SHLFKHUXQJꢀHLQHVꢀ6HQGHUVꢂꢀ(VꢀN|QQHQꢀLQVJHVDPWꢀꢇꢐꢀ6HQGHUꢀJHVSHLFKHUWꢀZHUGHQꢂꢀ  
Eꢊꢀ$XIUXIHQꢀHLQHVꢀJHVSHLFKHUWHQꢀ6HQGHUVꢃꢀ0LWꢀ7DVWHQGUXFNꢀDXIꢀ>ꢌꢄꢑ@ꢀUXIHQꢀ6LHꢀGLHꢀJHVSHLFKHUWHQꢀ6HQGHUꢀDXIꢂ  
,Pꢁ'LVFꢆ0RGXVꢀ  
$ꢂꢀ0LWꢀ7DVWHQGUXFNꢀDXIꢀꢌꢍ723ꢀꢉꢒꢊꢀ$XVZDKOꢀGHVꢀHUVWHQꢀ7UDFNVꢍ.DSLWHOVꢀ]XUꢀ:LHGHUJDEHꢂꢀ  
ꢀꢀꢀꢀDꢂꢀ,Qꢀ9&'ꢍ&'ꢍ03ꢇꢀ:LHGHUJDEHꢀ]XUꢀ$XVZDKOꢀGHVꢀHUVWHQꢀ7UDFNVꢍ.DSLWHOVꢀ]XUꢀ:LHGHUJDEHꢀꢉGLVFDEKlQJLJꢊꢂ  
ꢀꢀꢀꢀEꢂꢀ,Qꢀ'9'ꢀ:LHGHUJDEHꢀLVWꢀGLHꢀ7DVWHꢀXQJOWLJꢂ  
%ꢂꢀ+DOWHQꢀ6LHꢀꢅꢍ537ꢀꢉꢓꢊꢀDXIꢀGHUꢀ)URQWEOHQGHꢀJHGUFNWꢀRGHUꢀGUFNHQꢀ68%7,7/(ꢀ/2ꢍ';ꢀꢉꢑꢊꢀDXIꢀGHUꢀ)HUQEHGLHQXQJꢀ]XUꢀ  
ꢀꢀꢀꢀꢀ$XVZDKOꢀGHVꢀ:LHGHUKROXQJVPRGXVꢃ  
&+$37(5 5(3($7 21  
7,7/( 5(3($7 21  
5(3ꢄ21(  
5(3ꢄ$//  
5(3($7 $//  
ꢀꢀꢀꢀDꢂꢀ,Qꢀ5(3ꢄ21(ꢀ0RGXVꢀZHUGHQꢀDNWXHOOHUꢀ7UDFNꢍ.DSLWHOꢀZLHGHUKROWꢂ  
ꢀꢀꢀꢀEꢂꢀ,Qꢀ5(3ꢄ$//ꢀ0RGXVꢀZHUGHQꢀDOOHꢀ.DSLWHOꢍ7UDFNVꢀZLHGHUKROWꢂ  
ꢀꢀꢀꢀFꢂꢀ)Uꢀ9&'ꢅꢂꢐꢀꢉ3%&ꢀHLQJHVFKDOWHWꢊꢀZLUGꢀGLHꢀ:LHGHUKROXQJVIXQNWLRQꢀQLFKWꢀXQWHUVWW]Wꢂ  
&ꢂꢀ0LWꢀODQJHPꢀ7DVWHQGUXFNꢀDXIꢀꢇꢍ,17ꢀꢉꢔꢊꢀVSLHOHQꢀ6LHꢀGLHꢀ'LVFꢀDQꢂ  
ꢀꢀꢀꢀDꢂꢀ,Qꢀ&'ꢀ:LHGHUJDEHꢀVSLHOHQꢀ6LHꢀPLWꢀ7DVWHQGUXFNꢀDXIꢀꢇꢍ,17ꢀꢉꢔꢊꢀGLHꢀHUVWHQꢀꢑꢀ6HNXQGHQꢀMHGHVꢀ7UDFNVꢀDQꢂ  
ꢀꢀꢀꢀEꢂꢀ,Qꢀ03ꢇꢀ:LHGHUJDEHꢀLVWꢀGLHꢀ7DVWHꢀXQJOWLJꢂ  
ꢀꢀꢀꢀFꢂꢀ,Qꢀ9&'ꢀ:LHGHUJDEHꢀ]HLJHQꢀ6LHꢀPLWꢀODQJHPꢀ7DVWHQGUXFNꢀDXIꢀꢇꢍ,17ꢀꢉꢔꢊꢀDQꢀꢉHUQHXWHUꢀ7DVWHQGUXFNꢀVFKDOWHWꢀGLHꢀ)XQNWLRQ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀZLHGHUꢀDXVꢊꢃ  
6(/(&7 ',*(67 7<3(ꢃ  
75$&. ',*(67  
',6& ,17(59$/  
75$&. ,17(59$/  
ꢀꢀꢀꢀꢀꢀꢀꢀꢌꢂꢀ0LWꢀŸꢍźꢍŹꢍŻꢀDXIꢀGHUꢀ)HUQEHGLHQXQJꢀZlKOHQꢀ6LHꢁꢀPLWꢀ(17(5ꢀEHVWlWLJHQꢀ6LHꢀGLHꢀ$XVZDKOꢂ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢅꢂꢀ,Qꢀ75$&.ꢀ',*(67ꢀRGHUꢀ',6&ꢀ,17(59$/ꢀ0RGXVꢃꢀ0LWꢀŸꢍźꢍŹꢍŻꢀDXIꢀGHUꢀ)HUQEHGLHQXQJꢀZlKOHQꢀ6LHꢁꢀPLWꢀ(17(5ꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀEHVWlWLJHQꢀ6LHꢀGLHꢀ$XVZDKOꢂ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ6LHꢀN|QQHQꢀHEHQIDOOVꢀPLWꢀGHQꢀ=LIIHUQWDVWHQꢀZlKOHQꢀXQGꢀPLWꢀ(17(5ꢀEHVWlWLJHQꢂ  
ꢀꢀꢀꢀGꢂꢀ,Qꢀ'9'ꢀ:LHGHUJDEHꢀZLUGꢀPLWꢀODQJHPꢀ7DVWHQGUXFNꢀDXIꢀꢇꢍ,17ꢀꢉꢔꢊꢀDQJH]HLJWꢀꢉHUQHXWHUꢀ7DVWHQGUXFNꢀVFKDOWHWꢀGLHꢀ)XQNWLRQꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀZLHGHUꢀDXVꢊꢃ  
6(/(&7 ',*(67 7<3(ꢃ  
7,7/( ',*(67  
&+$37(5 ',*(67  
7,7/( ,17(59$/  
&+$37(5 ,17(59$/  
ꢀꢀꢀꢀꢌꢂꢀ0LWꢀŸꢍźꢍŹꢍŻꢀDXIꢀGHUꢀ)HUQEHGLHQXQJꢀZlKOHQꢀ6LHꢁꢀPLWꢀ(17(5ꢀEHVWlWLJHQꢀ6LHꢀGLHꢀ$XVZDKOꢂ  
ꢀꢀꢀꢀꢅꢂꢀ,Qꢀ7LWOHꢍ&KDSWHUꢀ'LJHVWꢀRGHUꢀ7LWOHꢍ&KDSWHUꢀ,QWHUYDOꢀ0RGXVꢃꢀ0LWꢀŸꢍźꢍŹꢍŻꢀDXIꢀGHUꢀ)HUQEHGLHQXQJꢀZlKOHQꢀ6LHꢁꢀPLWꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ(17(5ꢀEHVWlWLJHQꢀ6LHꢀGLHꢀ$XVZDKOꢂ  
ꢀꢀꢀꢀꢀꢀꢀꢀ6LHꢀN|QQHQꢀHEHQIDOOVꢀPLWꢀGHQꢀ=LIIHUQWDVWHQꢀZlKOHQꢀXQGꢀPLWꢀ(17(5ꢀEHVWlWLJHQꢂ  
'ꢂꢀ/DQJHUꢀ7DVWHQGUXFNꢀDXIꢀꢋꢍ5'0ꢀꢉꢌꢐꢊꢀ]XUꢀ]XIlOOLJHQꢀ:LHGHUJDEHꢀGHUꢀ'LVFꢂ  
ꢀꢀꢀꢀ,Qꢀ'9'ꢍ9&'ꢍ&'ꢍ03ꢇꢀ:LHGHUJDEHꢀ7DVWHQGUXFNꢀDXIꢀꢋꢍ5'0ꢀꢉꢌꢐꢊꢀꢀ]XUꢀ:LHGHUJDEHꢀLQꢀ]XIlOOLJHUꢀ5HLKHQIROJHꢀ  
ꢀꢀꢀꢀꢉGLVFDEKlQJLJꢊꢂ  
ꢈꢄꢉꢁ$36ꢐ',63ꢁ7DVWHꢁꢁ6SHLFKHUIXQNWLRQ  
,Pꢁ5DGLRPRGXVꢀ  
+DOWHQꢀ6LHꢀ6(/ꢀLQꢀ5LFKWXQJꢀ$36ꢍ',63ꢀIUꢀꢅꢀ6HNXQGHQꢀJHGUHKWꢁꢀXPꢀGHQꢀDXWRPDWLVFKHQꢀ6HQGHUVSHLFKHUꢀ]XꢀDNWLYLHUHQꢂꢀ  
'DVꢀ5DGLRꢀVXFKWꢀLPꢀDNWXHOOHQꢀ)UHTXHQ]EDQGꢁꢀEHLVSLHOVZHLVHꢀ8.:ꢌꢁꢀQDFKꢀGHPꢀVWlUNVWHQꢀ6HQGHUꢀXQGꢀVSHLFKHUWꢀLKQꢀGDQQꢀ  
DEꢂꢀ:ROOHQꢀ6LHꢀZHLWHUHꢀ6HQGHUꢀLPꢀ8.:ꢄ%DQGꢀVSHLFKHUQꢁꢀGDQQꢀGUFNHQꢀ6LHꢀ%1'ꢀꢉꢎꢊꢀ]XPꢀ8PVFKDOWHQꢀDXIꢀ8.:ꢅꢀRGHUꢀ  
8.:ꢇꢂꢀ+DOWHQꢀ6LHꢀHUQHXWꢀ6(/ꢀꢉꢋꢊꢀLQꢀ5LFKWXQJꢀ$63ꢍ',63ꢀIUꢀꢅꢀ6HNXQGHQꢀJHGUHKWꢁꢀXPꢀPLWꢀGHUꢀ6XFKHꢀIRUW]XIDKUHQꢂ  
6HQGHUVXFKH  
:LUGꢀ6(/ꢀQXUꢀNXU]ꢀLQꢀ5LFKWXQJꢀ$36ꢍ',63ꢀJHGUHKWꢁꢀGDQQꢀVSLHOWꢀGDVꢀ5DGLRꢀDOOHꢀYRUHLQJHVWHOOWHQꢀ6HQGHUꢀGHVꢀ  
)UHTXHQ]EDQGVꢀIUꢀꢎꢀ6HNXQGHQꢀDQꢂꢀ8QWHUEUHFKHQꢀ6LHꢀGLHꢀ6XFKHꢀPLWꢀ7DVWHQGUXFNꢀDXIꢀ3/$<ꢍ3$86(ꢂ  
,Pꢁ'LVFꢆ0RGXVꢀ  
'LVSOD\ꢁ(,1ꢐ$86  
'UHKHQꢀ6LHꢀ6(/ꢀQXUꢀNXU]ꢀLQꢀ5LFKWXQJꢀ$36ꢍ',63ꢀDXIꢀGHUꢀ)URQWSODWWHꢁꢀGDQQꢀZLUGꢀNHLQꢀ%LOGꢀDQJH]HLJWꢀꢉQXUꢀ%LOGVFKLUPꢀLPꢀ  
*HUlWꢊꢀXQGꢀQXUꢀGHUꢀ7RQꢀJHK|UWꢀꢉHUQHXWHꢀ'UHKXQJꢀ]XUꢀ)RUWVHW]XQJꢀGHUꢀ:LHGHUJDEHꢀLQꢀ%LOGPRGXVꢊꢂꢀ  
0LWꢀPHKUIDFKHPꢀNXU]HPꢀ7DVWHQGUXFNꢀDXIꢀ6(/ꢀZlKOHQꢀ6LHꢀ%*ꢀ&2/25ꢀXQGꢀGUHKHQꢀGDQQꢀ92/ꢕꢍꢄꢀ]XUꢀ  
$XVZDKOꢀGHUꢀ+LQWHUJUXQGIDUEHꢃꢀ$872ꢁꢀ%*ꢀ&2/25ꢃꢀꢐꢌꢀꢂꢂꢂꢀ%*ꢀ&2/25ꢃꢀꢌꢌꢂꢀ,Pꢀ$872ꢄ0RGXVꢀVWHOOWꢀVLFKꢀGLHꢀ  
+LQWHUJUXQGIDUEHꢀDXWRPDWLVFKꢀHLQꢂ  
ꢀꢀꢀꢌꢇꢂ  
ꢈꢋꢉꢁ08ꢐ37<  
.XU]HUꢀ7DVWHQGUXFNꢀ]XUꢀYRUEHUJHKHQGHQꢀ6WXPPVFKDOWXQJꢀGHVꢀ7RQVꢁꢀ087(ꢀEOLQNWꢀLPꢀ'LVSOD\ꢂꢀ(UQHXWHUꢀ7DVWHQGUXFNꢀ  
RGHUꢀ92/ꢀKHEWꢀGLHꢀ6WXPPVFKDOWXQJꢀZLHGHUꢀDXIꢂ  
37<ꢀꢉ352*5$007<3ꢊ  
+DOWHQꢀ6LHꢀGLHꢀ7DVWHꢀLPꢀ5DGLRPRGXVꢀIUꢀHWZDꢀꢅꢀ6HNXQGHQꢀJHGUFNWꢀXQGꢀZlKOHQꢀGHQꢀ3URJUDPPW\Sꢀ]ZLVFKHQꢃ  
1(:6ꢁꢀ$))$,56ꢁꢀ,1)2ꢁꢀ632576ꢁꢀ('8&$7(ꢀꢉ%,/'81*ꢊꢁꢀ'5$0$ꢁꢀ&8/785(ꢁꢀ6&,(1&(ꢀꢉ:,66(16&+$)7ꢊꢁꢀ  
9$5,('  
ꢉ62167,*(6ꢊꢁꢀ323ꢀ0ꢁꢀ52&.ꢀ0ꢂꢀ($6<ꢀ0ꢁꢀ/,*+7ꢀ0ꢁꢀ&/$66,&6ꢁꢀ27+(5ꢀ0ꢁꢀ:($7+(5ꢁꢀ),1$1&(ꢁꢀ&+,/'5(1ꢁꢀ  
62&,$/ꢁꢀ5(/,*,21ꢁꢀ3+21(ꢀ,1ꢁꢀ75$9(/ꢀꢉ5(,6(1ꢊꢁꢀ/(,685(ꢀꢉ)5(,=(,7ꢊꢁꢀ-$==ꢁꢀ&28175<ꢀ1$7,21ꢀ0ꢁꢀ2/',(6ꢁꢀ  
)2/.ꢀ0ꢁꢀ'2&80(17ꢀ7(67ꢀ$/$50ꢂ  
%HLꢀ$XVZDKOꢀYRQꢀ37<ꢀVXFKWꢀGDVꢀ5DGLRꢀHQWVSUHFKHQGHꢀ3URJUDPPLQIRUPDWLRQHQꢀꢉ37<ꢀ6((.ꢊꢀXQGꢀVWRSSWꢀEHLPꢀ$XIILQGHQꢀ  
HLQHVꢀHQWVSUHFKHQGHQꢀ6HQGHUVꢂꢀ:LUGꢀHLQꢀ37<ꢀ6HQGHUꢀYHUORUHQꢁꢀGDQQꢀVFKDOWHWꢀVLFKꢀGDVꢀ*HUlWꢀDXWRPDWLVFKꢀLQꢀ  
1RUPDOPRGXVꢀ]XUFNꢂ  
ꢈꢃꢉꢁꢁꢁꢁ7DVWHꢁ  
bQGHUXQJꢀGHVꢀ:LQNHOVꢀGHUꢀ)URQWEOHQGHꢂ  
ꢈꢌꢉꢁꢁꢁꢁꢁꢁꢐ37<ꢁ7DVWH  
(UVWHUꢀ7DVWHQGUXFNꢀ]XUꢀYRUEHUJHKHQGHQꢀ8QWHUEUHFKXQJꢀGHUꢀ:LHGHUJDEHꢀꢉ3DXVHꢊꢁꢀHUQHXWHUꢀ7DVWHQGUXFNꢀ]XPꢀ  
)RUWVHW]HQꢀGHUꢀ:LHGHUJDEHꢂ  
ꢈꢂꢉꢁꢁꢁꢁꢁꢐꢁꢁꢁꢁꢁ7DVWHQꢁꢒ6(1'(568&+(ꢅꢁ68&+(ꢅꢁ75$&.ꢅꢁ6.,3ꢑꢐꢆꢓ  
Dꢊꢀ,Qꢀ'LVFꢍ86%ꢀ0RGXVꢃ  
ꢀꢀꢀꢀ=XPꢀ9RUZlUWVꢄꢀRGHUꢀ5FNZlUWVVSULQJHQꢀGUFNHQꢀ6LHꢀNXU]ꢀ6(/ꢀꢉꢋꢊꢀLQꢀ5LFKWXQJꢀꢀꢀꢀꢀꢍꢀꢀꢀꢀꢀꢉ+LQZHLVꢃꢀLQꢀ'9'ꢀ0RGXVꢀ  
ꢀꢀꢀꢀ]ZHLIDFKHUꢀ7DVWHQGUXFNꢀDXIꢀꢀꢀꢀꢀꢀꢁꢀXPꢀLQꢀ:LHGHUJDEHꢀHLQHQꢀ7UDFNꢀ]XUFN]XVSULQJHQꢊꢂ  
ꢀꢀꢀꢀ+LQZHLVꢃꢀ)Uꢀ9&'ꢅꢂꢐꢀꢉ3%&ꢊꢀ)XQNWLRQꢀGLVFDEKlQJLJꢂ  
ꢀꢀꢀꢀ=XUꢀ6XFKHꢀGXUFKꢀGLHꢀ7UDFNVꢀ6(/ꢀIUꢀꢅꢀ6HNXQGHQꢀLQꢀ5LFKWXQJꢀꢀꢀꢀꢀꢍꢀꢀꢀꢀꢀJHGUFNWꢀKDOWHQꢁꢀLPꢀ'LVSOD\ꢀZLUGꢀ))ꢀ;ꢅꢀ  
ꢀꢀꢀꢀDQJH]HLJWꢂꢀ(UQHXWHUꢀ'UXFNꢀDXIꢀ6(/ꢀYHUlQGHUWꢀGLHꢀ9RUODXIꢄꢍ5FNODXIJHVFKZLQGLJNHLWꢀZLHꢀIROJWꢃ  
1RUPDO 3OD\EDFN ꢅ[  
ꢋ[  
ꢓ[  
ꢌꢑ[  
'9'ꢍ9&'ꢍ&'ꢍ03ꢇꢃ  
Eꢊꢀ,Pꢀ5DGLRPRGXVꢃ  
ꢀꢀꢀꢀ%HZHJHQꢀ6LHꢀ6(/ꢀLQꢀ5LFKWXQJꢀꢀꢀꢀꢀꢀꢀRGHUꢀꢀꢀꢀꢀꢀ]XUꢀPDQXHOOHQꢀ6HQGHUVXFKHꢂꢀ+DOWHQꢀ6LHꢀ6(/ꢀLQꢀ5LFKWXQJꢀꢀꢀꢀꢀꢀRGHUꢀꢀꢀꢀꢀ  
ꢀꢀꢀꢀ]XUꢀDXWRPDWLVFKHQꢀ6HQGHUVXFKHꢀJHGUFNWꢂ  
ꢈꢍꢉꢁ3$,5ꢐꢁꢁꢁꢁꢁ7DVWH  
%OXHWRRWKꢀ)XQNWLRQꢁꢀVLHKHꢀ6HLWHꢀꢌꢎꢂ  
ꢈꢎꢉꢁꢁꢁꢁꢁꢁꢁ$XVZXUIWDVWH  
7DVWHQGUXFNꢀ]XPꢀ/DGHQꢀXQGꢀ$XVZHUIHQꢀHLQHUꢀ'LVFꢁꢀGLHꢀ)URQWEOHQGHꢀZLUGꢀKHUXQWHUꢀJHNODSSWꢂꢀ'LVFꢀPLWꢀ$XIGUXFNꢀQDFKꢀ  
REHQꢀYRUVLFKWLJꢀLQꢀGHQꢀ&'ꢄ6FKOLW]ꢀHLQIKUHQꢁꢀELVꢀVLHꢀYRPꢀ*HUlWꢀHLQJH]RJHQꢀZLUGꢂꢀ'DQDFKꢀIlKUWꢀGLHꢀ)URQWEOHQGHꢀLQꢀ  
1RUPDOSRVLWLRQꢀ]XUFNꢂ  
ꢊꢏꢉꢁ5(6(7ꢁ7DVWH  
'LHVHꢀ7DVWHꢀDXIꢀGHPꢀ*HUlWHJHKlXVHꢀPXVVꢀPLWꢀHLQHPꢀ.XJHOVFKUHLEHUꢀRGHUꢀGQQHQꢀ0HWDOOREMHNWꢀXQWHUꢀIROJHQGHQꢀ  
%HGLQJXQJHQꢀJHGUFNWꢀZHUGHQꢃ  
$ꢂꢀ1DFKꢀ%HHQGLJXQJꢀGHUꢀ9HUNDEHOXQJꢀEHLꢀ(UVWLQVWDOODWLRQꢂꢀ  
%ꢂꢀ:HQQꢀGLHꢀ%HGLHQWDVWHQꢀIXQNWLRQVORVꢀVLQGꢂ  
&ꢂꢀ%HLꢀ)HKOHUPHOGXQJꢀLPꢀ'LVSOD\ꢂ  
ꢊꢈꢉꢁ,5  
(PSIDQJVVHQVRUꢀIUꢀ)HUQEHGLHQXQJꢂ  
ꢊꢊꢉꢁ$8;ꢁ,1ꢁ3RUW  
$QVFKOXVVꢀHLQHVꢀDQDORJHQꢀ:LHGHUJDEHJHUlWVꢀZLHꢀ'9'ꢄ3OD\HUꢁꢀ&RPSXWHUꢀHWFꢂ  
ꢌꢂꢀ$QVFKOXVVꢀHUIROJWꢀEHUꢀ6WHUHRꢄ.OLQNHQVWHFNHUꢀDQꢀGHUꢀ$8;ꢀ,1ꢀ%XFKVHꢂ  
ꢅꢂꢀ'UFNHQꢀ6LHꢀ02'ꢀ]XUꢀ$XVZDKOꢀGHVꢀ$8;ꢀ,1ꢀ$QVFKOXVVHVꢂ  
ꢇꢂꢀ0LWꢀ92/ꢕꢍꢄꢀUHJHOQꢀ6LHꢀGLHꢀ/DXWVWlUNHꢂ  
ꢀꢀꢀꢌꢋꢂ  
ꢊꢄꢉꢁ03ꢄꢐ:0$ꢐ-3(*ꢐ03(*ꢋꢁ',6&ꢁ:,('(5*$%(  
ꢌꢂꢀ/DGHQꢀHLQHUꢀ03ꢇꢍ:0$ꢍ-3(*ꢀ',6&ꢂ  
ꢀꢀꢀꢀ%HLVSLHOꢃꢀ03ꢇꢀ'DWHLHQꢀZHUGHQꢀHUNDQQWꢂ  
$NWXHOOHꢀ'DWHLꢀꢉPLWꢀ%DONHQꢀPDUNLHUWꢊ  
$NWXHOOHꢀ'DWHLꢄꢍ7UDFNQXPPHUꢀꢍꢀ*HVDPW]DKOꢀGHUꢀ'DWHLHQꢍ7UDFNVꢀLQꢀ  
GLHVHPꢀ9HU]HLFKQLV  
$EJHODXIHQHꢀ6SLHO]HLWꢀGHVꢀDNWXHOOHQꢀ7UDFNVꢀꢉQLFKWꢀIUꢀ-3(*ꢀ'DWHLHQꢊ  
*HVDPWVSLHO]HLWꢀꢉQLFKWꢀIUꢀ-3(*ꢀ'DWHLHQꢊ  
:LHGHUJDEHPRGXV  
,FRQꢀ%HWULHEVPRGXVꢃꢀŹꢀꢉ:LHGHUJDEHꢊꢁꢀꢀꢀꢀꢀꢀꢉ6WRSꢊꢁꢀꢀꢀꢀꢀꢀꢉ3DXVHꢊꢁꢀꢀꢀꢀ  
ꢀꢀꢀꢀꢀꢉ9RUODXIꢊꢁꢀꢀꢀꢀꢀꢀꢉ5FNODXIꢊ  
,Qꢀ6WRSPRGXVꢀZlKOHQꢀ6LHꢀPLWꢀŸꢍźꢍŹꢍŻꢀDXIꢀGHUꢀ)HUQEHGLHQXQJꢀHLQHꢀ2SWLRQꢀRGHUꢀHLQꢀ9HU]HLFKQLVꢀXQGꢀEHVWlWLJHQꢀPLWꢀ  
(17(5ꢂ  
0LWꢀZLHGHUKROWHPꢀ7DVWHQGUXFNꢀDXIꢀ5(3($7ꢀZlKOHQꢀ6LHꢀ]ZLVFKHQꢀ]ZHLꢀ:LHGHUJDEHPRGLꢂ  
ꢅꢂꢀ5(3ꢄ21(ꢃ  
ꢀꢀꢀꢀ6WlQGLJHꢀ:LHGHUKROXQJꢀGHVꢀJOHLFKHQꢀ6RQJVꢂ  
ꢇꢂꢀ5(3ꢀ$//ꢃ  
ꢀꢀꢀꢀ:LHGHUKROXQJꢀDOOHUꢀ6RQJVꢀDXIꢀGHUꢀ'LVFꢂ  
ꢀꢀꢀꢀ,Qꢀ:LHGHUJDEHꢀEHUVSULQJHQꢀ6LHꢀ6RQJVꢀYRUZlUWVꢀRGHUꢀUFNZlUWVꢀPLWꢀꢀꢀꢀꢀꢀRGHUꢀꢀꢀꢀꢀꢂ  
ꢀꢀꢀꢀ,Qꢀ:LHGHUJDEHꢀKDOWHQꢀ6LHꢀ]XPꢀVFKQHOOHQꢀ9RUODXIꢀRGHUꢀ5FNODXIꢀ6(/ꢀDXIꢀGHUꢀ)URQWSODWWHꢀLQꢀ5LFKWXQJꢀꢀꢀꢀꢀꢍꢀꢀꢀꢀꢀIUꢀꢅꢀ  
ꢀꢀꢀꢀ6HNXQGHQꢀRGHUꢀꢀꢀꢀꢀꢍꢀꢀꢀꢀꢀDXIꢀGHUꢀ)HUQEHGLHQXQJꢀNXU]ꢀJHGUFNWꢂ  
(LQVWHOOHQꢁGHUꢁ6FUROODQ]HLJH  
,Pꢁ5DGLRPRGXVꢀ  
6WHOOHQꢀ6LHꢀGLHꢀ6FUROODQ]HLJHꢀZLHꢀIROJWꢀHLQꢃ  
Dꢊꢂꢀ+DOWHQꢀ6LHꢀ6(783ꢀDXIꢀGHUꢀ)HUQEHGLHQXQJꢀIUꢀHWZDꢀꢅꢀ6HNXQGHQꢀJHGUFNWꢁꢀGHUꢀ(LQVWHOOꢄ6FUROOEDONHQꢀZLUGꢀDXIꢀGHPꢀ  
ꢀꢀꢀꢀꢀ%LOGVFKLUPꢀDQJH]HLJWꢂ  
Eꢊꢂꢀ0LWꢀ92/ꢕꢍꢄꢀꢀZlKOHQꢀ6LHꢀÄ$ꢁꢀ%ꢁꢀ&ꢀꢂꢂꢂꢂ;ꢁꢀ<ꢀ=ꢀXQGꢀ/HHU]HLFKHQ´ꢀDXVꢁꢀPLWꢀꢀꢀꢀꢀꢀꢍꢀꢀꢀꢀꢀDXIꢀGHUꢀ)URQWEOHQGHꢀJHKHQꢀ6LHꢀZHLWHUꢀRGHUꢀ  
ꢀꢀꢀꢀꢀYHUZHUIHQꢂꢀ'UFNHQꢀ6LHꢀNXU]ꢀ6(783ꢀ]XUꢀ%HVWlWLJXQJꢀꢉODQJHUꢀ7DVWHQGUXFNꢀDXIꢀ6(783ꢀ]XUꢀ(UQHXHUXQJꢊꢂ  
ꢊꢋꢉꢁ%/8(7227+  
ꢈꢉꢁ$EJOHLFKꢁꢒ3DLULQJꢓꢁPLWꢁ,KHUPꢁ%OXHWRRWKꢁ0RELOWHOHIRQ  
ꢀꢀꢀꢀ9RUꢀ(UVWEHQXW]XQJꢀPXVVꢀGDVꢀ*HUlWꢀPLWꢀ,KUHPꢀ7HOHIRQꢀDEJHJOLFKHQꢀZHUGHQꢂꢀ*HKHQꢀ6LHꢀKLHU]XꢀZLHꢀIROJWꢀYRUꢃ  
ꢀꢀꢁꢁꢈꢓꢁ+DOWHQꢁ6LHꢁ,KUꢁ7HOHIRQꢁQLFKWꢁPHKUꢁDOVꢁꢈꢁPꢁYRPꢁ*HUlWꢁHQWIHUQWꢉ  
ꢁꢁꢁꢁꢊꢓꢁ6FKDOWHQꢁ6LHꢁGDVꢁ*HUlWꢁLQꢁGHQꢁ3DLULQJPRGXVꢉ  
ꢀꢀꢀꢀꢀꢀꢀꢀ6FKDOWHQꢀ6LHꢀGDVꢀ*HUlWꢀHLQꢁꢀꢀꢀꢀꢀEOLQNWꢀLPꢀ'LVSOD\ꢂꢀ+DOWHQꢀ6LHꢀQXQꢀ3$,5ꢍꢀꢀꢀꢀꢀJHGUFNWꢁꢀELVꢀ3$,5,1*ꢀ12:ꢀDQJH]HLJWꢀZLUGꢂ  
ꢁꢁꢁꢁꢄꢓꢁ6WHOOHQꢁ6LHꢁ,KUꢁ0RELOWHOHIRQꢁDXIꢁ(UNHQQHQꢁGHVꢁ)DKU]HXJJHUlWVꢁHLQꢉ  
ꢀꢀꢀꢀꢀꢀꢀꢀ)ROJHQꢀ6LHꢀGHQꢀ$QOHLWXQJHQꢀIUꢀ,KUꢀ7HOHIRQꢂ  
ꢁꢁꢁꢁꢋꢓꢁ,KUꢁ7HOHIRQꢁHUNHQQWꢁGDVꢁ)DKU]HXJJHUlWꢉ  
ꢀꢀꢀꢀꢀꢀꢀꢀ:lKOHQꢀ6LHꢀGLHVHVꢀ)DKU]HXJJHUlWꢀYRQꢀGHUꢀ/LVWHꢂ  
ꢁꢁꢁꢁꢃꢓꢁ*HEHQꢁ6LHꢁGDVꢁ3DVVZRUWꢁꢍꢍꢍꢍꢁHLQꢁXQGꢁGUFNHQꢁ(17(5ꢅꢁ3$,5ꢁ2.ꢅꢁ3/($6(ꢁ&211(&7ꢁZLUGꢁLPꢁ'LVSOD\ꢁ  
ꢁꢁꢁꢁꢁꢁꢁꢁDQJH]HLJWꢉ  
ꢁꢁꢁꢁꢌꢓꢁ:lKOHQꢁ6LHꢁ&211(&7ꢁDXIꢁGHPꢁ7HOHIRQꢉ  
ꢀꢀꢀꢀꢀꢀꢀꢀ%HLꢀHUIROJUHLFKHPꢀ$QVFKOXVVꢀOHXFKWHWꢀGDVꢀꢀ6\PEROꢀLPꢀ'LVSOD\ꢂ  
ꢀꢀꢀꢀꢀꢀꢀꢁ:LFKWLJHꢁ+LQZHLVHꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀDꢂꢀ:LUGꢀGHUꢀ$EJOHLFKꢀQLFKWꢀLQQHUKDOEꢀꢅꢀ0LQXWHQꢀDEJHVFKORVVHQꢁꢀGDQQꢀPVVHQꢀ6LHꢀGLHꢀ6FKULWWHꢀꢅꢀELVꢀꢎꢀZLHGHUKROHQꢂ  
ꢀꢀꢀꢀꢀꢀꢀꢀEꢂꢀ%OLQNWꢀQDFKꢀGHPꢀ3DLULQJꢀLPPHUꢀQRFKꢀGDVꢀꢀꢀꢀꢀ6\PEROꢀLPꢀ'LVSOD\ꢁꢀGDQQꢀIROJHQꢀ6LHꢀELWWHꢀGHQꢀ+LQZHLVHQꢀ]XPꢀHUQHXWHQꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ$EJOHLFKꢁꢀELVꢀGDVꢀ6\PEROꢀOHXFKWHWꢀꢉQLFKWꢀEOLQNWꢊꢂ  
ꢊꢉꢁ%HQXW]XQJꢁGHVꢁ%OXHWRRWKꢁ&DUꢁ.LW  
ꢀꢀꢀꢀ1DFKꢀHUIROJUHLFKHPꢀ$QVFKOXVVꢀVWHKHQꢀ,KQHQꢀQDFKVWHKHQGHꢀ)XQNWLRQHQꢀ]XUꢀ9HUIJXQJꢂꢀ(LQLJHꢀGLHVHUꢀꢀ  
ꢀꢀꢀꢀ)XQNWLRQHQꢀKDEHQꢀ6LHꢀQXUꢀPLWꢀHLQHPꢀKDQGVꢄIUHHꢀ.LWꢂ  
ꢀꢀꢀꢌꢎꢂ  
$QUXIꢁEHDQWZRUWHQ  
%HLPꢀ+|UHQꢀGHVꢀ.OLQJHOWRQVꢀZLUGꢀHEHQIDOOVꢀGLHꢀ5XIQXPPHUꢀLPꢀ'LVSOD\ꢀDQJH]HLJWꢂꢀ'UFNHQꢀ6LHꢀQXQꢀNXU]ꢀꢀꢀꢀꢀ]XPꢀ  
(QWJHJHQQHKPHQꢀGHVꢀ*HVSUlFKVꢂꢀ:ROOHQꢀ6LHꢀZlKUHQGꢀGHVꢀ*HVSUlFKVꢀ]Xꢀ,KUHPꢀ7HOHIRQꢀXPVFKDOWHQꢁꢀGDQQꢀGUFNHQꢀ6LH  
GLHꢀ7DVWHꢀELWWHꢀHUQHXWꢂ  
$QUXIꢁDXVO|VHQ  
+DOWHQꢀ6LHꢀꢀꢀꢀꢀDXIꢀ)URQWEOHQGHꢀRGHUꢀ)HUQEHGLHQXQJꢀJHGUFNWꢁꢀ',$/ꢀ180%(5ꢀZLUGꢀLPꢀ'LVSOD\ꢀDQJH]HLJWꢂꢀ:lKOHQꢀ6LHꢀGLHꢀ  
5XIQXPPHUꢀPLWꢀGHUꢀ)HUQEHGLHQXQJꢀXQGꢀGUFNHQꢀNXU]ꢀꢀꢀꢀꢂꢀ%HLꢀ)HKOHLQJDEHꢀO|VFKHQꢀ6LHꢀGLHꢀOHW]WHꢀ=LIIHUꢀPLWꢀŻꢂ  
$QUXIꢁEHHQGHQꢐDEOHKQHQ  
'UFNHQꢀ6LHꢀLPꢀ%OXHWRRWKPRGXVꢀNXU]ꢀꢀꢀꢀꢀDXIꢀ)URQWEOHQGHꢀRGHUꢀ)HUQEHGLHQXQJꢁꢀLPꢀ'LVSOD\ꢀZLUGꢀ&$//ꢀ+22.('ꢍ&$//ꢀ  
(-(&7('ꢀDQJH]HLJWꢂ  
/HW]WHꢁ5XIQXPPHUꢁHUQHXWꢁZlKOHQ  
'UFNHQꢀ6LHꢀLPꢀ%OXHWRRWKPRGXVꢀIUꢀFDꢂꢀꢅꢀ6HNXQGHQꢀꢀꢀꢀꢀDXIꢀ)URQWEOHQGHꢀRGHUꢀ)HUQEHGLHQXQJꢁꢀLPꢀ'LVSOD\ꢀZLUGꢀ',$/ꢀ/$67  
&$//ꢍ',$/ꢀ287ꢀ12:ꢀDQJH]HLJWꢂ  
/DXWVWlUNHUHJHOXQJ  
6WHOOHQꢀ6LHꢀGLHꢀ/DXWVWlUNHꢀZlKUHQGꢀGHVꢀ*HVSUlFKVꢀPLWꢀGHPꢀ/DXWVWlUNHUHJOHUꢀHLQꢂ  
03ꢄꢁ:LHGHUJDEH  
'UFNHQꢀ6LHꢀLPꢀ%OXHWRRWKPRGXVꢀ02'ꢀ]XUꢀ$XVZDKOꢀYRQꢀ%7ꢀ086,&ꢀ]XUꢀ:LHGHUJDEHꢀYRQꢀ03ꢇꢀ0XVLNꢀEHUꢀ,KUꢀ0RELOWHOHIRQ  
ꢉYHUJHZLVVHUQꢀ6LHꢀVLFKꢁꢀGDVVꢀ$ꢅ'3ꢀ%OXHWRRWKꢀ3URILOꢀXQWHUVWW]WꢀZLUGꢊꢂ  
+LQZHLVHꢀ  
Dꢊꢀ9RUꢀ,QEHWULHEQDKPHꢀYHUJOHLFKHQꢀ6LHꢀELWWHꢀPLWꢀGHUꢀ%HGLHQXQJVDQOHLWXQJꢀ,KUHVꢀ0RELOWHOHIRQVꢁꢀREꢀGLHꢀKDQGVꢄIUHHꢀ)XQNWLRQꢀ  
ꢀꢀꢀꢀXQWHUVWW]WꢀZLUGꢂ  
Eꢊꢀ'HUꢀ$EJOHLFKꢀ]ZLVFKHQꢀ*HUlWꢀXQGꢀ0RELOWHOHIRQꢀPXVVꢀQXUꢀHLQPDOꢀHUIROJHQꢂꢀ'DQDFKꢀILQGHWꢀGHUꢀHUQHXWHꢀ$EJOHLFKꢀ  
ꢀꢀꢀꢀDXWRPDWLVFKꢀLQQHUKDOEꢀꢇꢀ0LQXWHQꢀVWDWWꢂ  
Fꢊꢀ6LHꢀN|QQHQꢀGLHꢀ%OXHWRRWKꢀ)XQNWLRQꢀGXUFKꢀ$XVZDKOꢀYRQꢀ%OXHWRRWKꢀ2))ꢀGHDNWLYLHUHQꢂ  
(LQVWHOOHQꢁGHUꢁ9LGHRTXDOLWlW  
'UFNHQꢀ6LHꢀNXU]ꢀPHKUIDFKꢀ6(/ꢀ]XPꢀ8PVFKDOWHQꢀ]ZLVFKHQꢀGHQꢀ)XQNWLRQHQꢀ/DXWVWlUNHꢁꢀ%lVVHꢁꢀ+|KHQꢁꢀ%DODQFHꢁꢀ)DGHUꢁꢀ  
)DUEHꢁꢀ+HOOLJNHLWꢁꢀ.RQWUDVWꢁꢀ)DUEWRQꢁꢀ+LQWHUJUXQGIDUEHꢀXQGꢀ%OXHWRRWKꢂꢀ'DQQꢀQHKPHQꢀ6LHꢀGLHꢀ(LQVWHOOXQJꢀPLWꢀ92/ꢕꢍꢄꢀYRUꢁꢀGLHꢀ  
HQWVSUHFKHQGHQꢀ:HUWHꢀZHUGHQꢀLPꢀ'LVSOD\ꢀDQJH]HLJWꢂ  
9ROXPH  
%DVV  
7UHEOH %DODQFH  
%ULJKW  
)DGHU %OXHWRRWK  
%* &RORU  
7LQW  
&RQWUDVW  
&RORU  
(LQVWHOOHQꢁGHUꢁ:HUWHꢀ  
&2/25ꢃꢀꢐꢀELVꢀꢇꢅ  
)DUEHLQVWHOOXQJHQꢀGXQNOHUꢀRGHUꢀKHOOHUꢂ  
%5,*+7ꢀꢐꢀELVꢀꢇꢅ  
$EJOHLFKHQꢀGHUꢀ+HOOLJNHLWꢀGHVꢀ%LOGHVꢂ  
&2175$67ꢀꢐꢀELVꢀꢇꢅ  
$EJOHLFKHQꢀGHVꢀ%LOGNRQWUDVWVꢂ  
7,17ꢀꢐꢀELVꢀꢇꢅ  
ꢄꢀ1XUꢀLQꢀ176&ꢀ%HWULHEꢂ  
5h&.)$+5.$0(5$  
%HLPꢀ$QVFKOXVVꢀHLQHUꢀ5FNIDKUNDPHUDꢀZLUGꢀGDVꢀ%LOGꢀDXWRPDWLVFKꢀEHLPꢀ(LQOHJHQꢀGHVꢀ5FNZlUWVJDQJVꢀ  
VSLHJHOYHUNHKUWꢀLPꢀ'LVSOD\ꢀDQJH]HLJWꢀꢉQXUꢀLPꢀ*HUlWꢊꢂ  
+,1:(,6ꢁ)h5ꢁ+$1'%5(06(ꢆ)81.7,21  
,VWꢀGLHꢀ+DQGEUHPVHꢀQLFKWꢀDQJH]RJHQꢁꢀGDQQꢀZLUGꢀLPꢀ'LVSOD\ꢀÄ3$5.,1*ꢀ%5$.(³ꢀDQJH]HLJWꢀXQGꢀQXUꢀGHUꢀ7RQꢀZLUGꢀ  
ZLHGHUJHJHEHQꢂ  
'LHVHꢀ:DUQXQJꢀHUVFKHLQWꢀQXUꢁꢀZHQQꢀGDVꢀ.DEHOꢀGHUꢀ+DQGEUHPVHꢀDQꢀGDVꢀ6\VWHPꢀDQJHVFKORVVHQꢀLVWꢂ  
ꢀꢀꢀꢌꢑꢂ  
ꢊꢃꢉꢁ86%ꢁ$QVFKOXVV  
6FKOLH‰HQꢀ6LHꢀGDVꢀ86%ꢄ*HUlWꢀDPꢀ86%ꢀ3RUWꢀꢉꢅꢇꢊꢀDQꢀꢉVLHKHꢀ$EELOGXQJꢊꢁꢀGDVꢀ6\VWHPꢀEHJLQQWꢀDXWRPDWLVFKꢀPLWꢀGHUꢀ:LHGHUJDEHꢀ  
YRPꢀ86%ꢄ*HUlWꢂ  
86%ꢄ6WHFNHU  
86%ꢄ.DEHO  
86%ꢁ:LHGHUJDEH  
ꢀꢀꢀꢀ:lKOHQꢀ6LHꢀLQꢀ86%ꢀ:LHGHUJDEHꢀGLHꢀJHZQVFKWHꢀ2SWLRQꢀPLWꢀGHQꢀ1DYLJDWLRQVWDVWHQꢀDXVꢀXQGꢀEHVWlWLJHQꢀPLWꢀ(17(5ꢀGHQꢀ  
ꢀꢀꢀꢀꢀ6WDUWꢀGHUꢀ:LHGHUJDEHꢂꢀ6LHꢀN|QQHQꢀGLHꢀ:LHGHUJDEHꢀHEHQIDOOVꢀPLWꢀGHQꢀ=LIIHUQWDVWHQꢀVWDUWHQꢂꢀ0LWꢀꢀꢀꢀꢀꢀꢍꢀꢀꢀꢀꢀꢀVSULQJHQꢀ6LHꢀ]XUꢀ  
ꢀꢀꢀꢀꢀYRUKHULJHQꢀRGHUꢀQlFKVWHQꢀ'DWHLꢁꢀPLWꢀꢀꢀꢀꢀꢀꢍꢀꢀꢀꢀꢀꢀKDEHQꢀ6LHꢀVFKQHOOHQꢀ9RUODXIꢀRGHUꢀ5FNODXIꢂ  
ꢀꢀꢀꢀꢀ0LWꢀ5(3($7ꢀZlKOHQꢀ6LHꢀGLHꢀ:LHGHUKROXQJVIXQNWLRQꢂ  
8PVFKDOWHQꢁYRQꢁ86%ꢁLQꢁ'LVFꢁ:LHGHUJDEH  
ꢀꢀꢀꢀ,Qꢀ86%ꢀ0RGXVꢀꢉPLWꢀJHODGHQHUꢀ'LVFꢊꢀGUFNHQꢀ6LHꢀHLQPDOꢀ6723ꢀXQGꢀGDQDFKꢀ*272ꢀ]XPꢀ8PVFKDOWHQꢀLQꢀ',6&ꢀ  
ꢀꢀꢀꢀꢀ:LHGHUJDEHPRGXVꢂ  
ꢀꢀꢀꢀꢀ,Qꢀ'9'ꢍ9&'ꢍ&'ꢀ:LHGHUJDEHꢀGUFNHQꢀ6LHꢀ]ZHLPDOꢀ6723ꢀXQGꢀGDQDFKꢀ*272ꢀ]XPꢀ8PVFKDOWHQꢀLQꢀ86%ꢀ:LHGHUJDEHPRGXVꢂ  
ꢀꢀꢀꢀꢀ,Qꢀ03ꢇꢀ:LHGHUJDEHꢀGUFNHQꢀ6LHꢀHLQPDOꢀ6723ꢀXQGꢀGDQDFKꢀ*272ꢀ]XPꢀ8PVFKDOWHQꢀLQꢀ86%ꢀ:LHGHUJDEHPRGXVꢂ  
8PVFKDOWHQꢁYRQꢁ'LVFꢁLQꢁ86%ꢁ:LHGHUJDEH  
ꢀꢀꢀꢀ,Qꢀ03ꢇꢀ:LHGHUJDEHꢀGUFNHQꢀ6LHꢀHLQPDOꢀ6723ꢀXQGꢀGDQDFKꢀ*272ꢀ]XPꢀ8PVFKDOWHQꢀLQꢀ86%ꢀ:LHGHUJDEHPRGXVꢂꢀ  
ꢀꢀꢀꢀ,Qꢀ'9'ꢁꢀ9&'ꢀRGHUꢀ&'ꢀ:LHGHUJDEHꢀGUFNHQꢀ6LHꢀ]ZHLPDOꢀ6723ꢀXQGꢀGDQDFKꢀ*272ꢀ]XPꢀ8PVFKDOWHQꢀLQꢀ86%ꢀ  
ꢀꢀꢀꢀ:LHGHUJDEHPRGXVꢂ  
:LFKWLJHꢁ+LQZHLVHꢀ  
$ꢂꢀ=,(+(1ꢀ6,(ꢀ'$6ꢀ86%ꢄ*(5b7ꢀ:b+5(1'ꢀ'(5ꢀ:,('(5*$%(ꢀ1,&+7ꢀ$%ꢁꢀ'$6ꢀ.$11ꢀ=8ꢀ%(6&+b',*81*(1ꢀ  
ꢀꢀꢀꢀ)h+5(1ꢂ  
%ꢂꢀ,Qꢀ'LVFꢀ:LHGHUJDEHꢀN|QQHQꢀ6LHꢀGDVꢀ86%ꢄ*HUlWꢀXQEHVRUJWꢀDE]LHKHQꢂ  
%LOGVFKLUPPHQ  
0LWꢀ7DVWHQGUXFNꢀDXIꢀ26'ꢀ]HLJHQꢀ6LHꢀGLHꢀ,QKDOWHꢀGHUꢀ'LVFꢀDXIꢀGHPꢀ%LOGVFKLUPꢀDQꢂꢀ  
$ꢂꢀ%HLVSLHOꢀIUꢀ'9'ꢃ  
ꢀꢀꢀꢀꢀDꢂꢀ(UVWHUꢀ7DVWHQGUXFNꢀDXIꢀ26'ꢃ  
7,7/(ꢀ(/$36('  
77ꢀꢐꢌꢍꢐꢌꢀꢀꢀꢀꢀ&+ꢀꢐꢌꢍꢇꢓꢀꢀꢀꢀꢀꢀꢀꢀꢐꢃꢐꢅꢃꢐꢑ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀ7LWHOQXPPHUꢁꢀ*HVDPW]DKOꢀGHUꢀ7LWHOꢁꢀ.DSLWHOQXPPHUꢁꢀ*HVDPW]DKOꢀGHUꢀ.DSLWHOꢀZHUGHQꢀ]XVDPPHQꢀPLWꢀGHUꢀDEJHODXIHQHQꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀ6SLHO]HLWꢀDQJH]HLJWꢂ  
ꢀꢀꢀꢀꢀEꢂꢀ=ZHLWHUꢀ7DVWHQGUXFNꢀDXIꢀ26'ꢃ  
7,7/(ꢀ5(0$,1  
77ꢀꢐꢌꢍꢐꢌꢀꢀꢀꢀꢀ&+ꢀꢐꢌꢍꢇꢓꢀꢀꢀꢀꢀꢀꢀꢀꢇꢃꢅꢋꢃꢇꢑ  
Fꢂꢀ'ULWWHUꢀ7DVWHQGUXFNꢀDXIꢀ26'ꢃ  
&+$37(5ꢀ(/$36('  
77ꢀꢐꢌꢍꢐꢌꢀꢀꢀꢀꢀ&+ꢀꢐꢌꢍꢇꢓꢀꢀꢀꢀꢀꢀꢀꢀꢐꢃꢐꢅꢃꢎꢑ  
Gꢂꢀ9LHUWHUꢀ7DVWHQGUXFNꢀDXIꢀ26'ꢃ  
&+$37(5ꢀ5(0$,1  
77ꢀꢐꢌꢍꢐꢌꢀꢀꢀꢀꢀ&+ꢀꢐꢌꢍꢇꢓꢀꢀꢀꢀꢀꢀꢀꢀꢐꢃꢐꢋꢃꢇꢅ  
ꢀꢀꢀꢌꢒꢂ  
Hꢂꢀ)QIWHUꢀ7DVWHQGUXFNꢀDXIꢀ26'ꢃ  
ꢀꢀꢀꢀ$OOHꢀ0LWWHLOXQJHQꢀDXIꢀGHPꢀ%LOGVFKLUPꢀZHUGHQꢀJHO|VFKWꢂ  
%ꢂꢀ%HLVSLHOꢀIUꢀ9&'ꢍ69&'ꢍ&'ꢃ  
ꢀꢀꢀꢀꢀDꢂꢀ(UVWHUꢀ7DVWHQGUXFNꢀDXIꢀ26'ꢃ  
6,1*/(ꢀ(/$36('  
75$&.ꢀꢐꢌꢍꢌꢑꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢐꢐꢃꢋꢔ  
ꢀꢀꢀꢀꢀEꢂꢀ=ZHLWHUꢀ7DVWHQGUXFNꢀDXIꢀ26'ꢃ  
6,1*/(ꢀ5(0$,1  
75$&.ꢀꢐꢌꢍꢌꢑꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢐꢅꢃꢋꢎ  
ꢀꢀꢀꢀꢀFꢂꢀ'ULWWHUꢀ7DVWHQGUXFNꢀDXIꢀ26'ꢃ  
727$/ꢀ(/$36('  
75$&.ꢀꢐꢌꢍꢌꢑꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢐꢐꢃꢑꢐ  
ꢀꢀꢀꢀꢀGꢂꢀ9LHUWHUꢀ7DVWHQGUXFNꢀDXIꢀ26'ꢃ  
727$/ꢀ5(0$,1  
75$&.ꢀꢐꢌꢍꢌꢑꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢒꢓꢃꢋꢑ  
ꢀꢀꢀꢀꢀHꢂꢀ)QIWHUꢀ7DVWHQGUXFNꢀDXIꢀ26'ꢃ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀ$OOHꢀ0LWWHLOXQJHQꢀDXIꢀGHPꢀ%LOGVFKLUPꢀZHUGHQꢀIUꢀ69&'ꢀXQGꢀ9&'ꢀJHO|VFKWꢂ  
&ꢂꢀ%HLVSLHOꢀIUꢀ03ꢇꢃ  
ꢀꢀꢀꢀ0LWꢀMHGHPꢀ7DVWHQGUXFNꢀDXIꢀ26'ꢀlQGHUWꢀVLFKꢀGLHꢀ%LOGVFKLUPDQ]HLJHꢀZLHꢀIROJWꢃ  
6,1*/(ꢀ(/$36('ꢀꢀꢀꢀꢀꢀꢀꢀꢀ6,1*/(ꢀ5(0$,1  
0HKUVSUDFKLJHVꢁ$XGLRꢁ)Uꢁ'9'ꢀ  
'UFNHQꢀ6LHꢀLQꢀ:LHGHUJDEHꢀ$8',2ꢂꢀ0LWꢀMHGHPꢀ7DVWHQGUXFNꢀZLUGꢀ]ZLVFKHQꢀGHQꢀYHUIJEDUHQꢀ$XGLRVSUDFKHQꢀ  
XPJHVFKDOWHWꢂ  
+,1:(,6(ꢃ  
ꢄꢀ'LHꢀ1XPHULHUXQJꢀGHUꢀ$XGLRVSUDFKHQꢀLVWꢀYRQꢀ'LVFꢀ]Xꢀ'LVFꢀXQWHUVFKLHGOLFKꢂ  
ꢄꢀ(LQLJHꢀ'LVFVꢀHQWKDOWHQꢀQXUꢀHLQHꢀ$XGLRVSUDFKHꢂ  
ꢄꢀ,VWꢀQXUꢀHLQHꢀ$XGLRVSUDFKHꢀYRUKDQGHQꢁꢀGDQQꢀZLUGꢀREHQꢀOLQNVꢀLPꢀ%LOGVFKLUPꢀꢀꢀꢀꢀꢀDQJH]HLJWꢂ  
)Uꢁ9&'ꢐ&'ꢀ  
'UFNHQꢀ6LHꢀLQꢀ:LHGHUJDEHꢀ$8',2ꢀ]XPꢀ8PVFKDOWHQꢀ]ZLVFKHQꢀ0RQRꢀXQGꢀ6WHUHRꢂ  
7LWHOPHQꢁ)Uꢁ'9'ꢀ  
6LQGꢀDXIꢀHLQHUꢀ'9'ꢀPHKUHUHꢀ7LWHOꢀDXIJH]HLFKQHWꢁꢀGDQQꢀN|QQHQꢀGLHVHꢀLPꢀ7LWHOPHQꢀDXVJHZlKOWꢀZHUGHQꢂ  
ꢄꢀ'UFNHQꢀ6LHꢀLQꢀ:LHGHUJDEHꢀ7,7/(ꢀ]XUꢀ$Q]HLJHꢀGHVꢀ7LWHOPHQVꢂ  
ꢄꢀ:lKOHQꢀVLHꢀGHQꢀJHZQVFKWHQꢀ7LWHOꢀPLWꢀGHQꢀ1DYLJDWLRQVWDVWHQꢀXQGꢀEHVWlWLJHQꢀPLWꢀ(17(5ꢂ  
)Uꢁ9&'ꢀ  
'UFNHQꢀ6LHꢀLQꢀ:LHGHUJDEHꢀ7,7/(ꢐ3%&ꢀDXIꢀGHUꢀ)HUQEHGLHQXQJꢀ]XPꢀ(LQꢄꢀRGHUꢀ$XVVFKDOWHQꢀYRQꢀ3%&ꢂ  
0HKUVSUDFKLJHꢁ8QWHUWLWHOꢁꢒQXUꢁ'9'ꢓ  
'UFNHQꢀ6LHꢀLQꢀ:LHGHUJDEHꢀ68%7,7/(ꢀ]XPꢀ8PVFKDOWHQꢀ]ZLVFKHQꢀGHQꢀ8QWHUWLWHOVSUDFKHQꢂ  
+LQZHLVHꢃ  
ꢄꢀ'LHꢀ1XPHULHUXQJꢀGHUꢀ8QWHUWLWHOVSUDFKHQꢀLVWꢀYRQꢀ'LVFꢀ]Xꢀ'LVFꢀXQWHUVFKLHGOLFKꢂ  
ꢄꢀ(LQLJHꢀ'LVFVꢀHQWKDOWHQꢀQXUꢀHLQHꢀ8QWHUWLWHOVSUDFKHꢂ  
ꢄꢀ,VWꢀQXUꢀHLQHꢀ8QWHUWLWHOVSUDFKHꢀYRUKDQGHQꢁꢀGDQQꢀZLUGꢀREHQꢀOLQNVꢀLPꢀ%LOGVFKLUPꢀꢀꢀꢀꢀꢀꢀDQJH]HLJWꢂ  
ꢀꢀꢀꢌꢓꢂ  
(,167(//81*(1  
$//*(0(,1(ꢁ(,167(//81*(1  
ꢄꢄꢄꢀ*(1(5$/ꢀ6(783ꢀꢄꢄꢄ  
ꢄꢄꢄꢄ*HQHUDOꢀVHWXSꢀSDJHꢄꢄꢄꢄ  
79ꢀ'LVSOD\  
/%  
$QJOHꢀ0DUN  
26'ꢀ/DQJ  
21  
(1*  
63',)ꢍ5$:  
21  
6SGLIꢀ2XWSXW  
&DSWLRQV  
6FUHHQꢀ6DYHU  
/DVWꢀ0HPRU\  
21  
21  
*Rꢀ7Rꢀ*HQHUDOꢀ6HWXSꢀ3DJH  
ꢌꢂꢀ'UFNHQꢀ6LHꢀ6(783ꢀDXIꢀGHUꢀ)HUQEHGLHQXQJꢂ  
ꢅꢂꢀ'DVꢀ6(783ꢀ0HQꢀZLUGꢀDQJH]HLJWꢂ  
ꢇꢂꢀ:lKOHQꢀ6LHꢀHLQHꢀ2SWLRQꢀPLWꢀŸꢍźꢍŻꢍŹꢂ  
ꢋꢂꢀ'UFNHQꢀ6LHꢀ(17(5ꢂ  
ꢀꢀꢀꢀDꢂꢀ*(1(5$/ꢀ6(783  
ꢀꢀꢀꢀꢀꢀꢀꢀ+LHUꢀN|QQHQꢀ79ꢀ'LVSOD\ꢀXQGꢀ$XGLRHLQJlQJHꢀHLQJHVWHOOWꢀZHUGHQꢂꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀ(LQ]HOKHLWHQꢀILQGHQꢀ6LHꢀXQWHUꢀ*(1(5$/ꢁ6(783ꢁ0(18  
ꢀꢀꢀꢀEꢂꢀ63($.(5ꢀ6(783  
ꢀꢀꢀꢀꢀꢀꢀꢀ8PVFKDOWHQꢀGHVꢀ$XGLRDXVJDQJVꢀ]ZLVFKHQꢀ'2/%<ꢀ$&ꢇꢀꢎꢂꢌꢀ'2:10,;ꢀXQGꢀꢅꢄ.DQDOPRGXVꢂꢀ(LQ]HOKHLWHQꢀILQGHQꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀ6LHꢀXQWHUꢁ63($.(5ꢁ6(783  
ꢀꢀꢀꢀFꢂꢀ'2/%<ꢀ',*,7$/ꢀ6(783  
ꢀꢀꢀꢀꢀꢀꢀꢀ(LQ]HOKHLWHQꢀILQGHQꢀ6LHꢀXQWHUꢀ'2/%<ꢁ',*,7$/ꢁ6(783  
ꢀꢀꢀꢀGꢂꢀ35()(5(1&(ꢀ6(783  
ꢀꢀꢀꢀꢀꢀꢀꢀ+LHUꢀZHUGHQꢀ.RQILJXUDWLRQꢀXQGꢀ8QWHUVWW]XQJꢀHLQJHVWHOOWꢂꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀ(LQ]HOKHLWHQꢀILQGHQꢀ6LHꢀXQWHUꢀ35()(5(1&(ꢁ6(783  
ꢄꢄꢄꢄ*HQHUDOꢀVHWXSꢀSDJHꢄꢄꢄꢄ  
79ꢀ'LVSOD\  
$QJOHꢀ0DUN  
26'ꢀ/DQJ  
6SGLIꢀ2XWSXW  
&DSWLRQV  
1RUPDOꢍ36  
1RUPDOꢍ/%  
:LGH  
6FUHHQꢀ6DYHU  
/DVWꢀ0HPRU\  
6HWꢀ79ꢀ'LVSOD\ꢀ0RGH  
79ꢀ6FUHHQ  
9LGHR  
:LGHꢉꢌꢑꢃꢔꢊ  
0DWHULDO  
1RUPDO  
3DQꢀ6FDQ  
/HWWHUꢄER[  
ꢋꢀꢃꢀꢇ  
ꢀꢀꢀꢌꢔꢂ  
ꢈꢉꢁ79ꢁ',63/$<  
ꢀꢀꢀꢀ(LQVWHOOHQꢀGHVꢀ%LOGVHLWHQYHUKlOWQLVVHVꢀꢉꢋꢃꢇꢀRGHUꢀꢌꢑꢃꢔꢊꢀGHVꢀDQJHVFKORVVHQHQꢀ)HUQVHKHUVꢂ  
ꢀꢀꢀꢀ1RUPDOꢐ36ꢁꢒIUꢁꢋꢀꢄꢁ)HUQVHKHUꢓ  
ꢀꢀꢀꢀ:LHGHUJDEHꢀLQꢀ3$1ꢀ ꢀ6&$1ꢀ  
ꢀꢀꢀꢀꢉEHLꢀ%UHLWELOGIHUQVHKHUꢀLVWꢀGDVꢀ%LOGꢀUHFKWVꢀXQGꢀOLQNVꢀEHVFKQLWWHQꢊꢂ  
ꢁꢁꢁꢁ1RUPDOꢐ/%ꢁꢒIUꢁꢋꢀꢄꢁ)HUQVHKHUꢓ  
ꢀꢀꢀꢀ:LHGHUJDEHꢀLQꢀ/(77(5%2;ꢀ  
ꢀꢀꢀꢀꢉEHLꢀ%UHLWELOGIHUQVHKHUꢀKDWꢀGDVꢀ%LOGꢀREHQꢀXQGꢀXQWHQꢀVFKZDU]Hꢀ6WUHLIHQꢊꢂ  
ꢁꢁꢁꢁ%UHLWELOGꢁꢒIUꢁꢈꢌꢀꢎꢁ)HUQVHKHUꢓ  
ꢀꢀꢀꢀ$XVZDKOꢁꢀZHQQꢀ%UHLWELOGIHUQVHKHUꢀDQJHVFKORVVHQꢀLVWꢂ  
ꢄꢄꢄꢄꢄ*HQHUDOꢀVHWXSꢀSDJHꢄꢄꢄꢄ  
79ꢀ'LVSOD\  
$QJOHꢀ0DUN  
26'ꢀ/DQJ  
21  
2))  
6SGLIꢀ2XWSXW  
&DSWLRQV  
6FUHHQꢀ6DYHU  
/DVWꢀ0HPRU\  
6HWꢀ$QJOHꢀ0DUN  
ꢊꢉꢁ0$5.,(581*ꢁ.$0(5$ꢆ%/,&.:,1.(/  
ꢀꢀꢀꢀ,VWꢀGLHVHꢀ)XQNWLRQꢀHLQJHVFKDOWHWꢁꢀGDQQꢀZLUGꢀEHLꢀGHUꢀ:LHGHUJDEHꢀYRQꢀ'9'¶VꢀPLWꢀPHKUHUHQꢀ.DPHUDꢄ%OLFNZLQNHOQꢀGLHꢀ  
ꢀꢀꢀꢀHQWVSUHFKHQGHꢀ0DUNLHUXQJꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀDXIꢀGHPꢀ%LOGVFKLUPꢀDQJH]HLJWꢂꢀ,VWꢀGLHꢀ)XQNWLRQꢀDXVJHVFKDOWHWꢁꢀGDQQꢀZLUGꢀGLHꢀ0DUNLHUXQJꢀ  
ꢀꢀꢀꢀQLFKWꢀDQJH]HLJWꢂ  
ꢄꢄꢄꢄ*HQHUDOꢀVHWXSꢀSDJHꢄꢄꢄꢄ  
79ꢀ'LVSOD\  
$QJOHꢀ0DUN  
26'ꢀ/DQJ  
(QJOLVK  
)UHQFK  
6SGLIꢀ2XWSXW  
&DSWLRQV  
*HUPDQ  
6SDQLVK  
,WDOLDQ  
6FUHHQꢀ6DYHU  
/DVWꢀ0HPRU\  
3RUWXJXHVH  
6HWꢀ26'ꢀ/DQJXDJH  
ꢄꢉꢁ26'ꢆ6SUDFKH  
ꢀꢀꢀꢀ6WHOOHQꢀ6LHꢀGLHꢀ26'ꢄ6SUDFKHꢀPLWꢀŸꢍźꢀHLQꢂ  
ꢀꢀꢀꢅꢐꢂ  
ꢄꢄꢄꢄ*HQHUDOꢀVHWXSꢀSDJHꢄꢄꢄꢄ  
79ꢀ'LVSOD\  
$QJOHꢀ0DUN  
2VGꢀ/DQJ  
63',)ꢀ2))  
63',)ꢍ5$:  
63',)ꢍ3&0  
6SGLIꢀ2XWSXW  
&DSWLRQV  
6FUHHQꢀ6DYHU  
/DVWꢀ0HPRU\  
6HWXSꢀ63',)  
ꢋꢉꢁ63',)ꢁ$86*$1*  
ꢀꢀꢀꢀ8PVFKDOWHQꢀGHVꢀ$XGLRDXVJDQJVꢀ]ZLVFKHQꢀ63',)ꢀ2))ꢀ63',)ꢍ5$:ꢀXQGꢀ63',)ꢍ3&0ꢂ  
ꢄꢄꢄꢄ*HQHUDOꢀVHWXSꢀSDJHꢄꢄꢄꢄ  
79ꢀ'LVSOD\  
$QJOHꢀ0DUN  
26'ꢀ/DQJ  
21  
6SGLIꢀ2XWSXW  
&DSWLRQV  
2))  
6FUHHQꢀ6DYHU  
/DVWꢀ0HPRU\  
&ORVHGꢀ&DSWLRQ  
ꢃꢉꢁ%,/'817(56&+5,)7(1  
ꢀꢀꢀꢀ(LQꢄꢀXQGꢀ$XVVFKDOWHQꢀGHUꢀ&$37,216ꢂ  
ꢄꢄꢄꢄ*HQHUDOꢀVHWXSꢀSDJHꢄꢄꢄꢄ  
79ꢀ'LVSOD\  
$QJOHꢀ0DUN  
26'ꢀ/DQJ  
6SGLIꢀ2XWSXW  
&DSWLRQV  
21  
6FUHHQꢀ6DYHU  
/DVWꢀ0HPRU\  
2))  
6FUHHQꢀ6DYHU  
ꢀꢀꢀꢅꢌꢂ  
ꢌꢉꢁ%,/'6&+,506&+21(5  
ꢀꢀꢀꢀ(LQꢄꢀXQGꢀ$XVVFKDOWHQꢀGHVꢀ6&5ꢀ6$9(5ꢂ  
ꢄꢄꢄꢄ*HQHUDOꢀVHWXSꢀSDJHꢄꢄꢄꢄ  
79ꢀ'LVSOD\  
$QJOHꢀ0DUN  
26'ꢀ/DQJ  
6SGLIꢀ2XWSXW  
&DSWLRQV  
6FUHHQꢀ6DYHU  
/DVWꢀ0HPRU\  
21  
2))  
6HWꢀ/DVWꢀ0HPRU\ꢀ6WDWH  
ꢂꢉꢁ/(7=7(ꢁ(,167(//81*  
ꢀꢀꢀꢀ(LQꢄꢀXQGꢀ$XVVFKDOWHQꢀGHUꢀ/$67ꢀ0(025<ꢀ(,167(//81*ꢂ  
/$87635(&+(5ꢁ6(783  
ꢄꢄꢄꢀ63($.(5ꢀ6(783ꢀꢄꢄꢄ  
ꢄꢄꢄꢄ6SHDNHUꢀ6HWXSꢀ3DJHꢄꢄꢄꢄ  
'2:10,;  
/7ꢍ57  
67(5(2  
6HWꢀ'RZQPL[ꢀ0RGH  
8PVFKDOWHQꢀGHVꢀ$XGLRDXVJDQJVꢀ]ZLVFKHQꢀ'2/%<ꢀ$&ꢇꢀꢎꢂꢌꢀ'2:10,;ꢀXQGꢀꢅꢄ.DQDOPRGXVꢂꢀ:lKOHQꢀ6LHꢀGLHꢀ  
/$87635(&+(5ꢀ(LQVWHOOXQJꢀPLWꢀGHQꢀ1DYLJDWLRQVWDVWHQꢂ  
0LWꢀ/7ꢍ57ꢀDNWLYLHUHQꢀ6LHꢀGHQꢀ'ROE\ꢀ6XUURXQGꢀNRPSDWLEOHQꢀ$XVJDQJꢂꢀ0LWꢀ67(5(2ꢀDNWLYLHUHQꢀ6LHꢀGHQꢀ  
HLQIDFKHQꢀ6WHUHRPRGXVꢂ  
'2/%<ꢁ',*,7$/ꢁ(,167(//81*(1  
ꢄꢄꢄꢄ'ROE\ꢀ'LJLWDOꢀ6HWXSꢄꢄꢄ  
)8//  
ꢑꢍꢓ  
'<1$0,&  
ꢋꢍꢓ  
ꢅꢍꢓ  
2))  
6HWꢀ'5&ꢀ2))  
ꢀꢀꢀꢅꢅꢂ  
'<1$0,.  
:lKOHQꢀ6LHꢀ'5&ꢀ]XUꢀ(LQVWHOOXQJꢀGHUꢀ'\QDPLNꢀYRQꢀ'ROE\ꢀ'LJLWDOꢀ3URJUDPPHQꢂꢀ=ZLVFKHQꢀYROOHUꢀ.RPSUHVVLRQꢀXQGꢀ  
NHLQHUꢀ.RPSUHVVLRQꢀVWHKHQꢀ,KQHQꢀꢓꢀ(LQVWHOOXQJHQꢀ]XUꢀ9HUIJXQJꢂ  
35b)(5(1=(1ꢁ6(783  
ꢄꢄꢄꢀ35()(5(1&(6ꢀ6(783ꢀꢄꢄꢄ  
ꢄꢄꢄꢄ3UHIHUHQFHꢀ3DJHꢄꢄꢄꢄ  
3$/  
79ꢀ7\SH  
$XGLR  
$872  
176&  
6XEWLWOH  
'LVFꢀ0HQX  
3DUHQWDO  
3DVVZRUG  
'HIDXOW  
6HWꢀ79ꢀVWDQGDUG  
ꢈꢉꢁ79ꢆ7<3  
ꢀꢀꢀꢀ'LHVHUꢀ3OD\HUꢀNDQQꢀ'LVFVꢀLQꢀ3$/ꢀXQGꢀ176&ꢀ)RUPDWꢀZLHGHUJHEHQꢂꢀ:lKOHQꢀ6LHꢀ176&ꢀEHLꢀ$QVFKOXVVꢀDQꢀHLQHQꢀ176&ꢀ  
ꢀꢀꢀꢀ)HUQVHKHUꢀXQGꢀ3$/ꢀEHLꢀ$QVFKOXVVꢀDQꢀHLQHQꢀ3$/ꢀ)HUQVHKHUꢂꢀ%HLꢀ$XVZDKOꢀYRQꢀ$872ꢀVWHOOWꢀVLFKꢀGHUꢀ3OD\HUꢀDXWRPDWLVFKꢀ  
ꢀꢀꢀꢀDXIꢀGDVꢀ'9'ꢀ)RUPDWꢀHLQꢂ  
ꢄꢄꢄꢄ3UHIHUHQFHꢀ3DJHꢄꢄꢄꢄ  
79ꢀ7\SH  
(QJOLVK  
$XGLR  
)UHQFK  
6XEWLWOH  
6SDQLVK  
'LVFꢀ0HQX  
*HUPDQ  
3DUHQWDO  
,WDOLDQ  
3DVVZRUG  
3RUWXJXHVH  
'HIDXOW  
3UHIHUUHGꢀ$XGLRꢀ/DQJXDJH  
ꢀꢀꢀꢅꢇꢂ  
ꢊꢉꢁ$8',2635$&+(  
ꢀꢀꢀꢀ6WHOOHQꢀ6LHꢀGLHꢀ$8',2635$&+(ꢀPLWꢀGHQꢀ1DYLJDWLRQVWDVWHQꢀHLQꢂ  
ꢄꢄꢄꢄ3UHIHUHQFHꢀ3DJHꢄꢄꢄꢄ  
79ꢀ7\SH  
$XGLR  
(QJOLVK  
)UHQFK  
6SDQLVK  
*HUPDQ  
,WDOLDQ  
6XEWLWOH  
'LVFꢀ0HQX  
3DUHQWDO  
3DVVZRUG  
'HIDXOW  
3RUWXJXHVH  
2))  
3UHIHUUHGꢀ6XEWLWOHꢀ/DQJXDJH  
ꢄꢉꢁ817(57,7(/635$&+(  
ꢁꢁꢁꢁ6WHOOHQꢀ6LHꢀGLHꢀ817(57,7(/635$&+(ꢀPLWꢀGHQꢀ1DYLJDWLRQVWDVWHQꢀHLQꢂ  
ꢄꢄꢄꢄ3UHIHUHQFHꢀ3DJHꢄꢄꢄꢄ  
79ꢀ7\SH  
(QJOLVK  
)UHQFK  
$XGLR  
6XEWLWOH  
'LVFꢀ0HQX  
3DUHQWDO  
3DVVZRUG  
'HIDXOW  
6SDQLVK  
*HUPDQ  
,WDOLDQ  
3RUWXJXHVH  
3UHIHUUHGꢀ0HQXꢀ/DQJXDJH  
ꢋꢉꢁ',6&ꢁ0(1h635$&+(  
ꢀꢀꢀꢀ6WHOOHQꢀ6LHꢀGLHꢀ',6&ꢀ0(1h635$&+(ꢀPLWꢀGHQꢀ1DYLJDWLRQVWDVWHQꢀHLQꢂ  
ꢀꢀꢀꢅꢋꢂ  
ꢄꢄꢄꢄ3UHIHUHQFHꢀ3DJHꢄꢄꢄꢄ  
ꢌ.,'ꢀ6$)  
ꢅ*  
79ꢀ7\SH  
$XGLR  
ꢇ3*  
6XEWLWOH  
'LVFꢀ0HQX  
3DUHQWDO  
3DVVZRUG  
'HIDXOW  
ꢋ3*ꢌꢇ  
ꢎ3*5  
ꢑ5  
ꢒ1&ꢀꢌꢒ  
ꢓꢀ$'8/7  
2))  
6HWꢀ3DUHQWDOꢀ&RQWURO  
ꢃꢉꢁ-8*(1'6&+87=  
ꢀꢀꢀꢀ:lKOHQꢀ6LHꢀHLQHꢀHQWVSUHFKHQGHꢀ-XJHQGVFKXW]HLQVWHOOXQJꢀPLWꢀGHQꢀ1DYLJDWLRQVWDVWHQꢀXQGꢀEHVWlWLJHQꢀPLWꢀ(17(5ꢂ  
ꢄꢄꢄꢄ3UHIHUHQFHꢀ3DJHꢄꢄꢄꢄ  
79ꢀ7\SH  
$XGLR  
6XEWLWOH  
'LVFꢀ0HQX  
3DUHQWDO  
&+$1*(  
3DVVZRUG  
'HIDXOW  
&KDQJHꢀ3DVVZRUG  
ꢌꢉꢁ3$66:257  
ꢀꢀꢀꢀ:lKOHQꢀ6LHꢀ3DVVZRUWꢀZHFKVHOQꢀXQGꢀGUFNHQꢀ(17(5ꢂꢀ*HEHQꢀ6LHꢀGDVꢀDOWHꢀ3DVVZRUWꢀꢉ:HUNVHLQVWHOOXQJꢀLVWꢀꢌꢇꢒꢔꢊꢀ  
ꢀꢀꢀꢀHLQꢀXQGꢀGDQDFKꢀGDVꢀQHXHꢀꢋꢄVWHOOLJHꢀ3DVVZRUWꢂꢀ:LHGHUKROHQꢀ6LHꢀ,KUHꢀ(LQJDEHꢀ]XUꢀ%HVWlWLJXQJꢂ  
ꢄꢄꢄꢄ3UHIHUHQFHꢀ3DJHꢄꢄꢄꢄ  
79ꢀ7\SH  
$XGLR  
6XEWLWOH  
'LVFꢀ0HQX  
3DUHQWDO  
3DVVZRUG  
5(6(7  
'HIDXOW  
/RDGꢀ)FDWRU\ꢀ6HWWLQJ  
ꢀꢀꢀꢅꢎꢂ  
ꢂꢉꢁ67$1'$5'(,167(//81*(1  
ꢀꢀꢀꢀ0LWꢀ5HVHWꢀVWHOOHQꢀ6LHꢀDOOHꢀ(LQVWHOOXQJHQꢀ]XꢀGHQꢀ:HUNVHLQVWHOOXQJHQꢀ]XUFNꢂ  
7$%(//(ꢁ'(5ꢁ67$1'$5'(,167(//81*(1  
79ꢀ',63/$<  
1250$/ꢍ/%  
(,1  
0$5.,(581*ꢀ  
.$0(5$ꢄ%/,&.:,1.(/  
26'ꢀ/$1*8$*(  
*(50$1  
(,1  
$//*(0(,1(ꢀ  
(,167(//81*(1  
63',)ꢀ$86*$1*  
%,/'817(56&+5,)7(1 (,1  
%,/'6&+,506&+21(5 (,1  
/(7=7(ꢀ(,167(//81* (,1  
'2:10,;  
'<1$0,.  
67(5(2  
/$87635(&+(5  
'2/%<ꢀ',*,7$/  
$86  
79ꢄ7<3  
$872  
$8',2635$&+(  
(1*/,6&+  
817(57,7(/635$&+( (1*/,6&+  
',6&ꢀ0(1h635$&+( (1*/,6&+  
35b)(5(1=(1  
-8*(1'6&+87=  
3$66:257  
ꢓꢀ(5:$&+6(1(  
ꢌꢇꢒꢔ  
ꢀꢀꢀꢅꢑꢂ  
7(&+1,6&+(ꢁ'$7(1  
6SDQQXQJVYHUVRUJXQJꢃꢀꢀ  
ꢌꢅ9ꢀ'&ꢀꢉꢌꢌ9ꢄꢌꢎ9ꢊ  
/HLVWXQJDXIQDKPHꢃꢀ  
!ꢀꢌꢐ$  
9LGHRHLQJDQJVVLJQDOꢃꢀꢀ   
&RPSRVLWHꢀ9LGHRꢀꢌꢁꢐ9SꢄSꢀꢒꢎŸ  
ꢉꢌꢊꢀ'9'ꢀ9,'(2  
ꢀꢀꢀꢀꢀꢌꢅꢀFPꢀHLQVHLWLJꢁꢀVLQJOHꢄOD\HUꢁ  
ꢀꢀꢀꢀꢀꢌꢅꢀFPꢀHLQVHLWLJꢁꢀGRXEOHꢄOD\HU  
ꢉꢅꢊꢀ&RPSDFWꢀ'LVFVꢀ  
ꢀꢀꢀꢀꢀꢉ&'ꢄ'$ꢁꢀ9,'(2ꢀ&'ꢊꢀꢌꢅꢀFPꢀ  
ꢅꢄ.DQDOꢀXQGꢀꢋꢄ.DQDO  
ꢉꢌꢊꢀ)UHTXHQ]JDQJꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢅꢐꢀ+]ꢀꢄꢀꢅꢐꢀ.+]  
ꢉꢅꢊꢀ5DXVFKDEVWDQGꢀꢀ ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢔꢐꢀG%ꢀꢉ-,6ꢊ  
ꢉꢇꢊꢀ7RQK|KHQVFKZDQNXQJꢀꢀꢀꢀꢀꢀꢀꢀꢀQLFKWꢀPHVVEDU  
$EVSLHOEDUHꢀ'LVFVꢃꢀꢀ  
$XGLRVLJQDOꢀ$XVJDQJꢃꢀꢀꢀ  
(LJHQVFKDIWHQꢃꢀꢀ  
ꢀꢀꢀ  
8.:  
)UHTXHQ]EHUHLFKꢃꢀꢀꢀꢀꢀ  
ꢓꢒꢁꢎꢀꢄꢀꢌꢐꢓꢀ0+]  
ꢌꢐꢁꢒꢀ0+]  
,)ꢃꢀꢀ  
(PSILQGOLFKNHLWꢀ  
ꢉ5DXVFKDEVWDQGꢀꢇꢐG%ꢊꢃꢀꢀ  
ꢌꢎꢀG%X  
0:  
)UHTXHQ]EHUHLFKꢃꢀ  
,)ꢃꢀꢀ  
(PSILQGOLFKNHLWꢀ  
ꢎꢅꢎꢀꢄꢀꢌꢑꢌꢎꢀ.+]ꢀꢀꢀꢀꢀ  
ꢋꢎꢐꢀ.+]ꢀꢀ ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ  
ꢉ5DXVFKDEVWDQGꢀꢅꢐG%ꢊꢃꢀꢀ  
%LOGVFKLUPGLDJRQDOHꢃꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢅꢁꢎ´  
ꢋꢐꢀG%Xꢀ  
%LOGSXQNW]DKOꢃꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢔꢑꢐꢀ[ꢀꢅꢋꢐ  
)DUEV\VWHPꢃꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ176&ꢍ3$/  
%OXHWRRWKꢀ6SH]LILNDWLRQꢃꢀ  
9ꢌꢂꢅꢀ.ODVVHꢀꢅ  
+HDGVHWꢁꢀKDQGVꢄIUHHꢀXQGꢀ$ꢅ'3  
ꢅꢁꢋ*+]ꢀ6SHNWUXP  
8QWHUVWW]WHVꢀ%OXHWRRWKꢀ3URILOꢀꢀ  
)UHTXHQ]EHUHLFKꢃꢀ  
+LQZHLVꢃꢀ7HFKQLVFKHꢀ'DWHQꢀXQGꢀ'HVLJQꢀN|QQHQꢀDXIJUXQGꢀWHFKQRORJLVFKHUꢀ9HUEHVVHUXQJHQꢀRKQHꢀ9RUDQNQGLJXQJꢀ  
JHlQGHUWꢀZHUGHQꢂ  
ꢀꢀꢀꢅꢒꢂ  
)(+/(5%(+(%81*  
hEHUSUIHQꢀ6LHꢀELWWHꢀ]XQlFKVWꢀGLHꢀ$QVFKOVVHꢁꢀEHYRUꢀ6LHꢀGLHꢀQDFKVWHKHQGHꢀ/LVWHꢀGXUFKJHKHQꢂꢀ6ROOWHQꢀ)HKOHUꢀ  
XQGꢀ6W|UXQJHQꢀGDQDFKꢀZHLWHUKLQꢀEHVWHKHQꢁꢀGDQQꢀZHQGHQꢀ6LHꢀVLFKꢀELWWHꢀDQꢀGHQꢀ.XQGHQGLHQVWꢂ  
3UREOHP  
0|JOLFKHꢁ8UVDFKH  
/|VXQJVYRUVFKODJ  
=QGVFKOVVHOꢀXPGUHKHQꢁꢀQDFKGHPꢀDOOHꢀ  
$QVFKOVVHꢀDPꢀ6LFKHUXQJVNDVWHQꢀGHVꢀ  
)DKU]HXJVꢀJHPDFKWꢀZXUGHQꢂꢀ  
=QGVFKOVVHOꢀQLFKWꢀXPJHGUHKW  
.HLQHꢀ  
6SDQQXQJVYHUVRUJXQJ  
6LFKHUXQJꢀGXUFKJHEUDQQW  
6LFKHUXQJꢀDXVWDXVFKHQ  
(VꢀEHILQGHWꢀVLFKꢀEHUHLWVꢀHLQHꢀ  
'LVFꢀLPꢀ3OD\HU  
'LVFꢀHQWIHUQHQꢁꢀQHXHꢀ'LVFꢀODGHQ  
'LVFꢀPLWꢀGHPꢀ$XIGUXFNꢀQDFKꢀREHQꢀ  
HLQOHJHQ  
'LVFꢀIDOVFKꢀKHUXPꢀHLQJHOHJW  
'LVFꢀYHUVFKPXW]WꢀRGHUꢀGHIHNW  
'LVFꢀNDQQꢀQLFKWꢀ  
JHODGHQꢀRGHUꢀ  
DXVJHZRUIHQꢀZHUGHQ  
'LVFꢀUHLQLJHQꢀRGHUꢀDQGHUHꢀ'LVFꢀEHQXW]HQ  
7HPSHUDWXUꢀLPꢀ)DKU]HXJꢀLVWꢀ]Xꢀ  
KRFK  
$EZDUWHQꢁꢀELVꢀVLFKꢀGLHꢀ7HPSHUDWXUꢀ  
DQJHJOLFKHQꢀKDW  
79ꢍ9LGHRꢀQXUꢀLQꢀ  
VFKZDU]ꢍZHL‰H  
)DUEHLQVWHOOXQJHQꢀLPꢀ6(783ꢀ0HQꢀ  
lQGHUQ  
)DUEWRQꢀIDOVFKꢀHLQJHVWHOOW  
*HUlWꢀLVWꢀQLFKWꢀDQꢀGHQꢀ6FKDOWHUꢀ  
]XPꢀ(UNHQQHQꢀGHUꢀ+DQGEUHPVHꢀ  
DQJHVFKORVVHQ  
.RUUHNWHꢀ$QVFKOVVHꢀHQWVSUHFKHQGꢀ  
.DEHOGLDJUDPPꢀYRUQHKPHQ  
.HLQꢀ%LOG  
'DVꢀ%LOGꢀZLUGꢀDXVꢀ6LFKHUKHLWVJUQGHQꢀ  
XQWHUGUFNWꢁꢀVRODQJHꢀVLFKꢀGDVꢀ)DKU]HXJꢀ  
EHZHJWꢂꢀ$Q]HLJHꢁꢀVREDOGꢀGLHꢀ  
+DQGEUHPVHꢀLVWꢀQLFKWꢀDQJH]RJHQ  
+DQGEUHPVHꢀDQJH]RJHQꢀZLUG  
)RUPDWꢀGHUꢀ'LVFꢀHQWVSULFKWꢀQLFKWꢀ  
DQJHVFKORVVHQHPꢀ)HUQVHKHUꢀ  
ꢉ3$/ꢍ176&ꢊ  
.HLQꢀ)DUEELOG  
)HUQVHKHUꢀHQWVSUHFKHQGꢀHLQVWHOOHQ  
'LVFꢀZHFKVHOQ  
.HLQHꢀ'DWHQꢀDXIꢀGHUꢀ'LVF  
-3(*ꢀ'LVFꢀNDQQꢀQLFKWꢀ  
ZLHGHUJHJHEHQꢀZHUGHQ  
'DWHLIRUPDWꢀQLFKWꢀNRPSDWLEHO  
'LVFꢀZHFKVHOQꢆꢀ'DWHLIRUPDWꢀlQGHUQ  
5(6(7ꢄ7DVWHꢀGUFNHQꢁꢀ)URQWSODWWHꢀ  
P|JOLFKHUZHLVHꢀQLFKWꢀNRUUHNWꢀDQJHVHW]W  
%HGLHQWDVWHQꢀ  
IXQNWLRQVORVUN  
(LQJHEDXWHUꢀ0LNURFRPSXWHUꢀ  
DUEHLWHWꢀQLFKWꢀRUGQXQJVJHPl‰  
$QWHQQHQNDEHOꢀQLFKWꢀ  
DQJHVFKORVVHQ  
$QWHQQHQNDEHOꢀNRUUHNWꢀXQGꢀVLFKHUꢀ  
DQEULQJHQ  
5DGLRꢀIXQNWLRQLHUWꢀQLFKW  
6LJQDOHꢀ]XꢀVFKZDFK  
6HQGHUꢀPDQXHOOꢀHLQVWHOOHQ  
ꢀꢀꢀꢅꢓꢂ  
*$5$17,(ꢁ81'ꢁ.81'(1',(167  
9RUꢀGHUꢀ$XVOLHIHUXQJꢀZHUGHQꢀXQVHUHꢀ*HUlWHꢀHLQHUꢀVWUHQJHQꢀ4XDOLWlWVNRQWUROOHꢀXQWHUZRUIHQꢂꢀ6ROOWHꢀWURW]ꢀDOOHUꢀ6RUJIDOWꢀEHLꢀ  
GHUꢀ3URGXNWLRQꢀRGHUꢀZlKUHQGꢀGHVꢀ7UDQVSRUWVꢀGHQQRFKꢀHLQꢀ6FKDGHQꢀHQWVWDQGHQꢀVHLQꢁꢀGDQQꢀZHQGHQꢀ6LHꢀVLFKꢀELWWHꢀDQꢀ  
GHQꢀ.XQGHQGLHQVWꢀLQꢀ'HXWVFKODQGꢀꢉ7HOꢂꢀꢐꢌꢓꢐꢎꢍꢇꢎꢎꢀꢋꢑꢐꢁꢀꢐꢁꢌꢅꢀ¼ꢍ0LQꢂꢊꢂꢀ1HEHQꢀGHQꢀJHVHW]OLFKHQꢀ  
*HZlKUOHLVWXQJVDQVSUFKHQꢀOHLVWHQꢀZLUꢀHLQHꢀꢅꢋꢄPRQDWLJHꢀ*DUDQWLHꢀꢉVLHKHꢀEHLOLHJHQGHꢀ*DUDQWLHNDUWHꢊꢀDEꢀ.DXIGDWXPꢂꢀ  
:lKUHQGꢀGLHVHVꢀ=HLWUDXPVꢀEHVHLWLJHQꢀZLUꢀNRVWHQORVꢀDOOHꢀ0lQJHOꢁꢀGLHꢀDXIꢀ)DEULNDWLRQVꢄꢀRGHUꢀ0DWHULDOIHKOHUꢀ]XUFNꢀ]Xꢀ  
IKUHQꢀVLQGꢁꢀHQWZHGHUꢀGXUFKꢀ5HSDUDWXUꢀRGHUꢀ8PWDXVFKꢂꢀ0lQJHOꢀLQꢀ)ROJHꢀXQVDFKJHPl‰HUꢀ%HKDQGOXQJꢁꢀGXUFKꢀ(LQJULIIHꢀ  
RGHUꢀ5HSDUDWXUHQꢀ'ULWWHUꢀRGHUꢀ$QEDXꢀYRQꢀQLFKWꢀRULJLQDOHQꢀ7HLOHQꢀVLQGꢀYRQꢀGHUꢀ*DUDQWLHꢀQLFKWꢀDEJHGHFNWꢂ  
.RQWDNW  
%HVXFKHQꢀ6LHꢀXQVHUHꢀ+RPHSDJHꢀXQWHUꢀ  
KWWSꢃꢍꢍZZZꢂHOWDꢂGHꢀ  
)UꢀWHFKQLVFKHꢀ)UDJHQꢀ]XꢀGHPꢀJHNDXIWHQꢀ3URGXNWꢃꢀ  
HOWDꢀ6HUYLFHꢄ&HQWHUꢀ  
%UHLWHIHOGꢀꢌꢎꢀ  
ꢑꢋꢓꢇꢔꢀ0QVWHUꢀ  
+RWOLQHꢀ7HOꢃꢀꢐꢌꢓꢐꢎꢍꢇꢎꢎꢋꢑꢐꢀꢉꢐꢁꢌꢅꢀ(85ꢍ0LQꢊꢀ  
)D[ꢃꢀꢐꢌꢓꢐꢎꢍꢅꢎꢓꢑꢌꢔꢀꢉꢐꢁꢌꢅ(85ꢍ0LQꢊꢀ  
$XVꢀGHPꢀ$XVODQGꢀHUUHLFKHQꢀ6LHꢀXQVHUHQꢀ6HUYLFHꢀXQWHUꢃꢀ  
+RWOLQHꢃꢀꢕꢋꢔꢀꢑꢐꢒꢌꢍꢇꢔꢐꢅꢔꢐꢔꢀ  
ꢇꢑꢎꢀ7DJHꢀLPꢀ-DKUꢀꢄ0RQWDJꢀELVꢀ6RQQWDJꢀ  
VHUYLFH#HOWDꢂGHꢀ  
ꢀꢀꢀꢅꢔꢂ  
02'(/ꢀꢁꢂꢃꢃꢄ  
&DUꢁUDGLRꢁZLWKꢁ7)7ꢁ'LVSOD\ꢅꢁ'9'ꢁSOD\HUꢁDQGꢁ%/8(7227+  
6$)(7<ꢁ,1)250$7,21  
&$87,21  
5,6.ꢀ2)ꢀ(/(&75,&ꢀ6+2&.ꢁ  
'2ꢀ127ꢀ23(1  
:$51,1*ꢃꢀ72ꢀ5('8&(ꢀ),5(ꢀ25ꢀ6+2&.  
+$=$5'ꢀ'2ꢀ127ꢀ23(1ꢀ7+(ꢀ+286,1*ꢀ2)  
7+(ꢀ$33/,$1&(ꢂꢀ7+(5(ꢀ$5(ꢀ12ꢀ  
86(5ꢄ6(59,&$%/(ꢀ3$576ꢀ,1  
7+(ꢀ$33/,$1&(ꢂꢀ$//ꢀ6(59,&,1*ꢀ628/'ꢀ  
%(ꢀ5()(55('ꢀ72  
7KHꢀH[FODPDWLRQꢀPDUNꢀZLWKLQꢀDQ  
HTXLODWHUDOꢀWULDQJOHꢀLVꢀLQWHQGHGꢀWR  
DOHUWꢀWKHꢀXVHUꢀWRꢀWKHꢀSUHVHQFHꢀRI  
LPSRUWDQWꢀRSHUDWLQJꢀDQG  
PDLQWHQDQFHꢀꢉVHUYLFLQJꢊ  
LQVWUXFWLRQVꢀZLWKLQꢀOLWHUDWXUH  
DFFRPSDQ\LQJꢀWKHꢀHTXLSPHQWꢂ  
7KHꢀOLJKWQLQJꢀIODVKꢀZLWKꢀDUURZKHDG  
V\PEROꢀZLWKLQꢀDQꢀHTXLODWHUDOꢀWULDQJOH  
LVꢀLQWHQGHGꢀWRꢀDOHUWꢀWKHꢀXVHUꢀWRꢀWKH  
SUHVHQFHꢀRIꢀXQLQVXODWHGꢀGDQJHURXV  
YROWDJHꢀZLWKLQꢀWKHꢀSURGXFWV  
HQFORVXUHꢀWKDWꢀPD\ꢀEHꢀRIꢀVXIILFLHQW  
PDJQLWXGHꢀWRꢀFRQVWLWXWHꢀDꢀULVNꢀRI  
HOHFWULFꢀVKRFNꢀWRꢀSHUVRQVꢂ  
48$/,),('ꢀ6(59,&(ꢀ3(56211(/  
)857+(5ꢁ,1)250$7,21  
%HZDUHꢀRIꢀVPDOOꢀSLHFHVꢀDQGꢀEDWWHULHVꢁꢀGRꢀQRWꢀVZDOORZꢀWKHPꢂꢀ,WꢀPD\ꢀEHꢀKD]DUGRXVꢀWRꢀ\RXUꢀKHDOWKꢀ  
DQGꢀOHDGꢀLQWRꢀVXIIRFDWLRQꢂꢀ3OHDVHꢁꢀ0DNHꢀVXUHꢀWRꢀNHHSꢀVPDOOꢀGHYLFHVꢀDQGꢀEDWWHULHVꢀRXWꢀRIꢀWKHꢀUHDFKꢀ  
RIꢀFKLOGUHQꢂ  
,PSRUWDQWꢁDGYLFHꢁUHJDUGLQJꢁKHDULQJꢁSURWHFWLRQ  
&DXWLRQꢀ  
<RXꢀFDUHꢀIRUꢀ\RXUꢀKHDULQJꢁꢀDQGꢀVRꢀGRꢀZHꢂ  
7KHUHIRUHꢁꢀXVHꢀFDXWLRQꢀZKLOHꢀXVLQJꢀWKLVꢀDSSOLDQFHꢂ  
2XUꢀUHFRPPHQGDWLRQꢃꢀ$YRLGꢀKLJKꢀYROXPHVꢂ  
&KLOGUHQꢀVKRXOGꢀEHꢀVXSHUYLVHGꢀZKLOHꢀXVLQJꢀKHDGSKRQHVꢆꢀPDNHꢀVXUHꢀWKDWꢀWKHꢀDSSOLDQFHꢀLVꢀQRWꢀVHWꢀ  
WRꢀKLJKꢀYROXPHꢂ  
&DXWLRQꢇ  
+LJKꢀYROXPHVꢀPD\ꢀFDXVHꢀLUUHSDUDEOHꢀGDPDJHꢀWRꢀFKLOGUHQ¶VꢀHDUVꢂ  
1(9(5ꢀOHWꢀDOORZꢀDQ\RQHꢁꢀHVSHFLDOO\ꢀFKLOGUHQꢁꢀWRꢀSXWꢀREMHFWVꢀLQWRꢀWKHꢀKROHVꢁꢀVORWVꢀRUꢀRSHQLQJVꢀRQꢀ  
WKLVꢀGHYLVHꢂꢀ7KLVꢀPD\ꢀOHDGꢀLQWRꢀGHDWKꢀGXHꢀWRꢀHOHFWULFꢀVKRFNꢂꢀ7KHꢀGHYLFHꢀPXVWꢀRQO\ꢀEHꢀRSHQHGꢀE\ꢀDꢀ  
TXDOLILHGꢀDVVLVWDQWꢂ  
2QO\ꢀXVHꢀWKHꢀDSSOLDQFHꢀIRUꢀLWVꢀLQWHQGHGꢀSXUSRVHꢂ  
7KLVꢀGHYLFHꢀPD\ꢀRQO\ꢀEHꢀXVHGꢀLQꢀKRXVLQJVꢀDQGꢀEXVLQHVVꢀSUHPLVHVꢂ  
3OHDVHꢀNHHSꢀWKLVꢀLQVWUXFWLRQꢀPDQXDOꢀIRUꢀIXUWKHUꢀUHIHUHQFHꢂ  
,QVWUXFWLRQVꢁRQꢁHQYLURQPHQWꢁSURWHFWLRQ  
'RꢀQRWꢀGLVSRVHꢀRIꢀWKLVꢀSURGXFWꢀLQꢀWKHꢀXVXDOꢀKRXVHKROGꢀJDUEDJHꢀDWꢀWKHꢀHQGꢀRIꢀLWVꢀOLIHꢀF\FOHꢆꢀKDQGꢀLWꢀ  
RYHUꢀDWꢀDꢀFROOHFWLRQꢀSRLQWꢀIRUꢀWKHꢀUHF\FOLQJꢀRIꢀHOHFWULFDOꢀDQGꢀHOHFWURQLFꢀDSSOLDQFHVꢂꢀ7KHꢀV\PEROꢀRQꢀ  
WKHꢀSURGXFWꢁꢀWKHꢀLQVWUXFWLRQVꢀIRUꢀXVHꢀRUꢀWKHꢀSDFNLQJꢀZLOOꢀLQIRUPꢀDERXWꢀWKHꢀPHWKRGVꢀIRUꢀGLVSRVDOꢂ  
7KHꢀPDWHULDOVꢀDUHꢀUHF\FODEOHꢀDVꢀPHQWLRQHGꢀLQꢀLWVꢀPDUNLQJꢂꢀ%\ꢀUHF\FOLQJꢁꢀPDWHULDOꢀUHF\FOLQJꢀRUꢀRWKHUꢀ  
IRUPVꢀRIꢀUHXWLOL]DWLRQꢀRIꢀROGꢀDSSOLDQFHVꢁꢀ\RXꢀDUHꢀPDNLQJꢀDQꢀLPSRUWDQWꢀFRQWULEXWLRQꢀWRꢀSURWHFWꢀRXUꢀ  
HQYLURQPHQWꢂ  
3OHDVHꢀLQTXLUHꢀDWꢀWKHꢀFRPPXQLW\ꢀDGPLQLVWUDWLRQꢀIRUꢀWKHꢀDXWKRUL]HGꢀGLVSRVDOꢀORFDWLRQꢂ  
ꢀꢀꢀꢇꢐꢂ  
'RꢀQRWꢀREVWUXFWꢀWKHꢀYHQWLODWLRQꢀRIꢀWKHꢀGHYLFHꢂꢀ0DNHꢀVXUHꢁꢀWKDWꢀQRꢀFXUWDLQVꢁꢀQHZVSDSHUVꢁꢀIXUQLWXUHꢀRUꢀ  
DQ\ꢀRWKHUꢀW\SHꢀRIꢀREMHFWꢀDUHꢀEORFNLQJꢀWKHꢀYHQWLODWLRQꢀV\VWHPꢀRIꢀWKHꢀDSSDUDWXVꢂꢀ7KHꢀYHQWLODWLRQꢀ  
V\VWHPꢀPXVWꢀEHꢀFOHDUꢀRIꢀREMHFWVꢀDWꢀDOOꢀWLPHVꢈꢀ2YHUKHDWLQJꢀPD\ꢀOHDGꢀLQWRꢀVHULRXVꢀGDPDJHꢀRIꢀWKHꢀ  
GHYLFHꢀDQGꢀUHGXFHꢀLWVꢀSHUIRUPDQFHꢀDQGꢀOLIHVSDQꢂ  
+HDWꢁDQGꢁZDUPWK  
'RꢀQRWꢀH[SRVHꢀWKHꢀDSSOLDQFHꢀWRꢀGLUHFWꢀVXQOLJKWꢂꢀ0DNHꢀVXUHꢀWKDWꢀWKHꢀDSSOLDQFHꢀLVꢀQRWꢀVXEMHFWꢀWRꢀ  
GLUHFWꢀKHDWꢀVRXUFHVꢀVXFKꢀDVꢀKHDWHUVꢀRUꢀRSHQꢀILUHꢂꢀ0DNHꢀVXUHꢀWKDWꢀWKHꢀYHQWLODWLRQꢀVORWVꢀRIꢀWKHꢀ  
DSSOLDQFHꢀDUHꢀQRWꢀFRYHUHGꢂ  
0RLVWXUHꢁDQGꢁFOHDQLQJ  
7KLVꢀDSSOLDQFHꢀLVꢀQRWꢀZDWHUSURRIꢈꢀ'RꢀQRWꢀLPPHUVHꢀSOD\HUꢀLQꢀZDWHUꢂꢀ'RꢀQRWꢀDOORZꢀSOD\HUꢀWRꢀFRPHꢀLQꢀ  
FRQWDFWꢀZLWKꢀZDWHUꢂꢀ,IꢀZDWHUꢀJHWVꢀLQVLGHꢀWKHꢀSOD\HUꢀLWꢀPD\ꢀFDXVHꢀVHULRXVꢀGDPDJHꢂꢀ'RꢀQRWꢀXVHꢀ  
FOHDQLQJꢀDJHQWVꢀWKDWꢀFRQWDLQꢀDOFRKROꢁꢀDPPRQLDFꢁꢀEHQ]HQHꢀRUꢀDEUDVLYHVꢀDVꢀWKHVHꢀFRXOGꢀGDPDJHꢀ  
WKHꢀSOD\HUꢂꢀ)RUꢀFOHDQLQJꢁꢀXVHꢀDꢀVRIWꢁꢀPRLVWHQHGꢀFORWKꢂ  
3URIHVVLRQDOꢁUHF\FOLQJ  
%DWWHULHVꢀDQGꢀSDFNDJLQJꢀVKRXOGꢀQRWꢀEHꢀGLVSRVHGꢀRIꢀLQꢀWKHꢀWUDVKꢂꢀ%DWWHULHVꢀPXVWꢀEHꢀKDQGHGꢀRYHUꢀWRꢀ  
DꢀFROOHFWLRQꢀFHQWUHꢀIRUꢀXVHGꢀEDWWHULHVꢂꢀ6HSDUDWLQJꢀGLVSRVDEOHꢀSDFNDJLQJꢀPDWHULDOVꢀLVꢀHFRORJLFDOO\ꢀ  
IULHQGO\ꢂ  
6$)(7<ꢁ,16758&7,216  
ꢈꢉꢁꢁꢁ5($'ꢁ,16758&7,216ꢁꢆꢁ$OOꢀWKHꢀVDIHW\ꢀDQGꢀRSHUDWLQJꢀLQVWUXFWLRQVꢀVKRXOGꢀEHꢀUHDGꢀEHIRUHꢀWKHꢀXQLWꢀLVꢀ  
ꢀꢀꢀꢀꢀꢀRSHUDWHGꢂ  
ꢊꢉꢁꢁꢁ5(7$,1ꢁ,16758&7,216ꢁꢆꢁ7KHꢀVDIHW\ꢀDQGꢀRSHUDWLQJꢀLQVWUXFWLRQꢀVKRXOGꢀEHꢀUHWDLQHGꢀIRUꢀIXWXUHꢀUHIHUHQFHꢂ  
ꢄꢉꢁꢁꢁ+(('ꢁ:$51,1*6ꢁꢆꢁ$OOꢀZDUQLQJVꢀRQꢀWKHꢀXQLWꢀDQGꢀLQꢀWKHꢀRSHUDWLQJꢀLQVWUXFWLRQVꢀVKRXOGꢀEHꢀDGKHUHGꢀWRꢂ  
ꢋꢉꢁꢁꢁ)2//2:ꢁ,16758&7,216ꢁꢆꢀ$OOꢀRSHUDWLQJꢀLQVWUXFWLRQVꢀVKRXOGꢀEHꢀIROORZHGꢂ  
ꢃꢉꢁꢁꢁ:$7(5ꢁ$1'ꢁ02,6785(ꢁꢆꢁ7KHꢀDSSOLDQFHꢀVKRXOGꢀQRWꢀEHꢀXVHGꢀQHDUꢀZDWHUꢁꢀIRUꢀH[DPSOHꢁꢀQHDUꢀDꢀEDWKWXEꢁꢀ  
ꢀꢀꢀꢀꢀꢀZDVKERZOꢁꢀNLWFKHQꢀVLQNꢁꢀODXQGU\ꢀWXEꢁꢀVZLPPLQJꢀSRROꢀRUꢀLQꢀDꢀZHWꢀEDVHPHQWꢂ  
ꢌꢉꢁꢁꢁ9(17,/$7,21ꢁ±ꢁ2SHQLQJVꢀLQꢀWKHꢀGHYLFHꢀVHUYHꢀLWVꢀSURSHUꢀYHQWLODWLRQꢁꢀDUHꢀQHFHVVDU\ꢀIRUꢀWKHꢀRSHUDWLRQꢀDQGꢀ  
ꢀꢀꢀꢀꢀꢀSUHYHQWꢀRYHUKHDWLQJꢂꢀ7KHꢀXQLWꢀVKRXOGꢀEHꢀVLWXDWHGꢀVRꢀWKDWꢀLWVꢀORFDWLRQꢀRUꢀSRVLWLRQꢀGRHVꢀQRWꢀLQWHUIHUHꢀZLWKꢀLWVꢀ  
ꢀꢀꢀꢀꢀꢀSURSHUꢀYHQWLODWLRQꢂꢀ'RꢀQRWꢀSODFHꢀRQꢀEHGꢁꢀVRIDꢁꢀUXJꢀRUꢀVLPLODUꢀVXUIDFHꢀWKDWꢀPD\ꢀEORFNꢀWKHꢀYHQWLODWLRQꢀRSHQLQJVꢁꢀ  
ꢀꢀꢀꢀꢀꢀLQꢀDꢀEXLOWꢄLQꢀLQVWDOODWLRQꢁꢀVXFKꢀDVꢀDꢀERRNFDVHꢀRUꢀFDELQHWꢀWKDWꢀPD\ꢀLPSHGHꢀWKHꢀIORZꢀRIꢀDLUꢀWKURXJKꢀWKHꢀ  
ꢀꢀꢀꢀꢀꢀYHQWLODWLRQꢀRSHQLQJVꢂ  
ꢂꢉꢁꢁꢁ+($7ꢁꢆꢁ7KHꢀXQLWꢀVKRXOGꢀEHꢀVLWXDWHGꢀDZD\ꢀIURPꢀKHDWꢀVRXUFHVꢀVXFKꢀDVꢀUDGLDWRUVꢁꢀVWRYHVꢁꢀRUꢀRWKHUꢀDSSOLDQFHVꢀ  
ꢀꢀꢀꢀꢀꢀꢉLQFOXGLQJꢀDPSOLILHUVꢊꢀWKDWꢀSURGXFHꢀKHDWꢂ  
ꢍꢉꢁꢁꢁ32:(5ꢁ6285&(ꢁꢆꢁ7KHꢀXQLWꢀVKRXOGꢀEHꢀFRQQHFWHGꢀWRꢀSRZHUꢀVXSSO\ꢀRQO\ꢀRIꢀWKHꢀW\SHꢀGHVFULEHGꢀLQꢀWKHꢀ  
ꢀꢀꢀꢀꢀꢀRSHUDWLQJꢀLQVWUXFWLRQVꢀRUꢀDVꢀPDUNHGꢀRQꢀWKHꢀXQLWꢂ  
ꢎꢉꢁꢁꢁ2%-(&7ꢁDQGꢁ/,48,'ꢁ(175<ꢁꢆꢁ&DUHꢀVKRXOGꢀEHꢀWDNHQꢀVRꢀWKDWꢀREMHFWVꢀGRꢀQRWꢀIDOOꢀDQGꢀOLTXLGVꢀDUHꢀQRWꢀVSLOOHGꢀ  
ꢀꢀꢀꢀꢀꢀLQWRꢀWKHꢀHQFORVXUHꢀWKURXJKꢀRSHQLQJVꢂꢀ'RꢀQRWꢀGLVDVVHPEOHꢂ  
ꢈꢏꢉꢁ'$0$*(ꢁ5(48,5,1*ꢁ6(59,&(ꢁꢆꢁ7KHꢀXQLWꢀVKRXOGꢀEHꢀVHUYLFHGꢀE\ꢀTXDOLILHGꢀVHUYLFHꢀSHUVRQQHOꢀZKHQꢃ  
ꢀꢀꢀꢀꢀꢀDꢂꢀ7KHꢀSRZHUꢄVXSSO\ꢀFRUGꢀRUꢀSOXJꢀKDVꢀEHHQꢀGDPDJHGꢂ  
ꢀꢀꢀꢀꢀꢀEꢂꢀ2EMHFWVꢀKDYHꢀIDOOHQꢀLQWRꢁꢀRUꢀOLTXLGꢀKDVꢀEHHQꢀVSLOOHGꢀLQWRꢀWKHꢀXQLWꢀHQFORVXUHꢂꢀ  
ꢀꢀꢀꢀꢀꢀFꢂꢀ7KHꢀXQLWꢀKDVꢀEHHQꢀH[SRVHGꢀWRꢀUDLQꢀRUꢀPRLVWXUHꢂ  
ꢀꢀꢀꢀꢀꢀGꢂꢀ7KHꢀDSSOLDQFHꢀKDVꢀEHHQꢀGURSSHGꢁꢀRUꢀWKHꢀHQFORVXUHꢀGDPDJHGꢂꢀ2QO\ꢀXVHꢀFRQWUROVꢀDQGꢀDGMXVWPHQWVꢀDVꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀVSHFLILHGꢀLQꢀWKHꢀPDQXDOꢂ  
ꢀꢀꢀꢀꢀꢀHꢂꢀ7KHꢀXQLWꢀGRHVꢀQRWꢀDSSHDUꢀWRꢀRSHUDWHꢀQRUPDOO\ꢂ  
ꢀꢀꢀꢀꢀꢀIꢂꢀ7KHꢀXQLWꢀGLVSOD\VꢀVHULRXVꢀFKDQJHVꢀLQꢀLWVꢀSHUIRUPDQFHꢂ  
ꢈꢈꢉꢁ6(59,&,1*ꢁꢆꢀ7KHꢀXVHUꢀVKRXOGꢀQRWꢀDWWHPSWꢀWRꢀVHUYLFHꢀWKHꢀXQLWꢀEH\RQGꢀWKDWꢀGHVFULEHGꢀLQꢀWKHꢀXVHUꢀRSHUDWLQJꢀ  
ꢀꢀꢀꢀꢀꢀLQVWUXFWLRQVꢂꢀ$OOꢀRWKHUꢀVHUYLFLQJꢀVKRXOGꢀEHꢀUHIHUUHGꢀWRꢀTXDOLILHGꢀVHUYLFHꢀSHUVRQQHOꢂ  
ꢈꢊꢉꢁ&/($1,1*ꢁ±ꢁ'RꢀQRWꢀXVHꢀOLTXLGꢀRUꢀVSUD\ꢀFOHDQHUVꢁꢀRQO\ꢀXVHꢀDꢀGDPSꢀFORWKꢂꢀ)ROORZꢀWKHꢀFDUHꢀDQGꢀ  
ꢀꢀꢀꢀꢀꢀPDLQWHQDQFHꢀLQVWUXFWLRQVꢀLQꢀWKLVꢀPDQXDOꢂ  
ꢀꢀꢀꢇꢌꢂ  
ꢈꢄꢉꢁ6$)(7<ꢁ&+(&.ꢁ±ꢁ$IWHUꢀVHUYLFLQJꢀWKHꢀXQLWꢀDVNꢀWKHꢀFXVWRPHUꢀVHUYLFHꢀIRUꢀDꢀVDIHW\ꢀFKHFNꢂ  
ꢈꢋꢉꢁ(/(&75267$7,&ꢁ',6&+$5*(ꢁ±ꢁ'LVFRQQHFWꢀIURPꢀPDLQVꢀSRZHUꢀVXSSO\ꢀDQGꢀUHPRYHꢀEDWWHULHVꢀLIꢀXQLWꢀ  
ꢀꢀꢀꢀꢀꢀPDOIXQFWLRQVꢂꢀ5HFRQQHFWꢀDIWHUꢀDꢀVKRUWꢀWLPHꢂ  
&$87,21ꢀ  
7+,6ꢀ'9'ꢀ3/$<(5ꢀ,6ꢀ$ꢀ&/$66ꢀ,ꢀ/$6(5ꢀ352'8&7ꢀ+2:(9(5ꢀ7+,6ꢀ'9'ꢀ3/$<(5ꢀ86(6ꢀ$ꢀ  
9,6,%/(ꢍ,19,6,%/(ꢀ/$6(5ꢀ%($0ꢀ:+,&+ꢀ&28/'ꢀ&$86(ꢂꢀ+$=$5'286ꢀ5$',$7,21ꢀ(;32685(ꢀ,)ꢀ  
',5(&7('ꢂꢀ%(ꢀ685(ꢀ72ꢀ23(5$7(ꢀ7+(ꢀ'9'ꢀ3/$<(5ꢀ&255(&7/<ꢀ$6ꢀ,16758&7('ꢂ  
86(ꢀ2)ꢀ&21752/6ꢀ25ꢀ$'-8670(176ꢀ25ꢀ3(5)250$1&(ꢀ2)ꢀ352&('85(6ꢀ27+(5ꢀ7+$1ꢀ7+26(ꢀ  
63(&,),('ꢀ+(5(,1ꢀ0$<ꢀ5(68/7ꢀ,1ꢀ+$=$5'286ꢀ5$',$7,21ꢀ(;32685(ꢂ'2ꢀ127ꢀ23(1ꢀ&29(56ꢀ  
$1'ꢀ'2ꢀ127ꢀ5(3$,5ꢀ<2856(/)  
72ꢀ35(9(17ꢀ),5(ꢁꢀ(/(&75,&ꢀ6+2&.ꢀ$1'ꢀ,17(5)(5(1&(ꢁꢀ86(ꢀ21/<ꢀ5(&200(1'('ꢀ$&&(662ꢄ  
5,(6ꢀ$1'ꢀ'2ꢀ127ꢀ(;326(ꢀ72ꢀ5$,1ꢀ25ꢀ+80,',7<  
&/$66ꢁꢈꢁ/$6(5ꢁ352'8&7ꢁ/$%(/ꢁꢆ  
&/$66ꢀꢌꢀ/$6(5ꢀ352'8&7  
./$66ꢀꢌꢀ/$6(5ꢀ$33$5$7  
7KLVꢀODEHOꢀLVꢀDWWDFKHGꢀWRꢀWKHꢀSODFHꢀDVꢀLOOXVWUDWHGꢀWRꢀLQIRUPꢀWKDWꢀWKHꢀDSSDUDWXV  
/82.$1ꢀꢌꢀ/$6(5/$,7(  
./$66(ꢀꢌꢀ/$6(5ꢀ352'8&7  
FRQWDLQVꢀDꢀODVHUꢀFRPSRQHQWꢂ  
&$87,21ꢀ  
7KLVꢀSURGXFWꢀLQFRUSRUDWHVꢀFRS\ULJKWꢀSURWHFWLRQꢀWHFKQRORJ\ꢀWKDWꢀLVꢀSURWHFWHGꢀE\ꢀPHWKRGꢀFODLPVꢀRIꢀFHUWDLQꢀ8ꢂ6ꢂꢀ  
3DWHQWVꢀDQGꢀRWKHUꢀLQWHOOHFWXDOꢀSURSHUW\ꢀULJKWVꢀRZQHGꢀE\ꢀ0DFURYLVLRQꢀ&RUSRUDWLRQꢀDQGꢀRWKHUꢀULJKWVꢀRZQHUVꢂꢀ8VHꢀ  
RIꢀWKLVꢀFRS\ULJKWꢀSURWHFWLRQꢀWHFKQRORJ\ꢀPXVWꢀEHꢀDXWKRUL]HGꢀE\ꢀ0DFURꢀYLVLRQꢀ&RUSRUDWLRQꢁꢀDQGꢀLVꢀLQWHQGHGꢀIRUꢀ  
KRPHꢀDQGꢀRWKHUꢀOLPLWHGꢀYLHZLQJꢀXVHVꢀRQO\ꢀXQOHVVꢀRWKHUZLVHꢀDXWKRUL]HGꢀE\ꢀ0DFURYLVLRQꢀ&RUSRUDWLRQꢂꢀ5HYHUVHꢀ  
HQJLQHHULQJꢀRUꢀGLVDVVHPEO\ꢀLVꢀSURKLELWHGꢂ  
5(*,21ꢁ0$1$*(0(17ꢁ,1)250$7,21ꢀ  
7KLVꢀ'9'ꢀ3OD\HUꢀLVꢀGHVLJQHGꢀDQGꢀPDQXIDFWXUHGꢀWRꢀUHVSRQGꢀWRꢀWKHꢀ5HJLRQꢀ0DQDJHPHQWꢀ,QIRUPDWLRQꢀWKDWꢀLVꢀ  
UHFRUGHGꢀRQꢀDꢀ'9'ꢀGLVFꢂꢀ,IꢀWKHꢀ5HJLRQꢀQXPEHUꢀGHVFULEHGꢀRQꢀWKHꢀ'9'ꢀGLVFꢀGRHVꢀQRWꢀFRUUHVSRQGꢀWRꢀWKHꢀ5HJLRQꢀ  
QXPEHUꢀRIꢀWKLVꢀ'9'ꢀ3OD\HUꢁꢀWKLVꢀ'9'ꢀ3OD\HUꢀFDQQRWꢀSOD\ꢀWKLVꢀGLVFꢂ  
ꢀꢀꢀꢇꢅꢂ  
+DQGOLQJꢁRIꢁ&'V  
1RWHVꢀ  
ꢏꢀ'LUW\ꢀRUꢀVFUDWFKHGꢀ&'ꢀPD\ꢀFDXVHꢀDꢀVNLSSLQJꢀSUREOHPꢂꢀ&OHDQꢀRUꢀUHSODFHꢀWKHꢀ&'ꢂ  
ꢏꢀ5HPRYHꢀWKHꢀ&'ꢀIURPꢀLWVꢀFRYHUꢂ  
ꢏꢀ'RꢀQRWꢀWRXFKꢀWKHꢀVXUIDFHVꢂ  
ꢏꢀ'RꢀQRWꢀDWWDFKꢀVWLFNHUVꢀWRꢀ&'VꢀDQGꢀGRꢀQRWꢀZULWHꢀRQꢀWKHPꢂ  
ꢏꢀ'RꢀQRWꢀEHQGꢀ&'Vꢂ  
6WRUDJH  
ꢏꢀ$OZD\VꢀVWRUHꢀ&'VꢀLQꢀWKHLUꢀFRYHUꢂ  
ꢏꢀ'RꢀQRWꢀVXEMHFWꢀGLVFVꢀWRꢀGLUHFWꢀVXQOLJKWꢁꢀGLUW\ꢁꢀGXVW\ꢀDQGꢀGDPSꢀDUHDVꢀRUꢀKHDWꢂ  
&OHDQLQJ  
ꢏꢀ&OHDQꢀ&'VꢀZLWKꢀDꢀVRIWꢀFORWKꢂ  
ꢏꢀ&OHDQꢀ&'VꢀIURPꢀWKHꢀFHQWHUꢀWRꢀWKHꢀHGJHꢂ  
)520ꢀ7+(ꢀ&+(175(ꢀ72ꢀ7+(ꢀ('*(  
&255(&7  
,1&255(&7  
',6&ꢁ127(6  
'LVFꢀIRUPDWVꢀVXSSRUWHGꢀE\ꢀWKLVꢀSOD\HU  
'9'ꢀꢌꢅꢀFPꢀGLVF  
ꢉ6LQJOHꢄVLGHGꢀGLVFꢀRQO\ꢊ  
9LGHRꢀ&'  
ꢌꢅꢀFPꢀGLVF  
&'  
ꢌꢅꢀFPꢀGLVF  
03ꢇ  
ꢌꢅꢀFPꢀGLVF  
,167$//$7,21  
6HOHFWꢀWKHꢀPRXQWLQJꢀORFDWLRQꢀZKHUHꢀWKHꢀXQLWꢀZLOOꢀQRWꢀLQWHUIHUHꢀZLWKꢀWKHꢀQRUPDOꢀGULYLQJꢀIXQFWLRQꢀRIꢀWKHꢀGULYHUꢂ  
%HIRUHꢀILQDOO\ꢀLQVWDOOLQJꢀWKHꢀXQLWꢁꢀFRQQHFWꢀWKHꢀZLULQJꢀWHPSRUDULO\ꢀDQGꢀPDNHꢀVXUHꢀLWꢀLVꢀDOOꢀFRQQHFWHGꢀXSꢀSURSHUO\ꢀDQGꢀWKHꢀXQLWꢀDQGꢀ  
WKHꢀV\VWHPꢀZRUNꢀSURSHUO\ꢂ  
8VHꢀRQO\ꢀWKHꢀSDUWVꢀLQFOXGHGꢀZLWKꢀWKHꢀXQLWꢀWRꢀHQVXUHꢀSURSHUꢀLQVWDOODWLRQꢂꢀ7KHꢀXVHꢀRIꢀXQDXWKRUL]HGꢀSDUWVꢀFDQꢀFDXVHꢀPDOIXQFWLRQVꢂ  
&RQVXOWꢀZLWKꢀ\RXUꢀQHDUHVWꢀGHDOHUꢀLIꢀLQVWDOODWLRQꢀUHTXLUHVꢀWKHꢀGULOOLQJꢀRIꢀKROHVꢀRUꢀRWKHUꢀPRGLILFDWLRQVꢀRIꢀWKHꢀYHKLFOHꢂ  
,QVWDOOꢀWKHꢀXQLWꢀZKHUHꢀLWꢀGRHVꢀQRWꢀJHWꢀLQꢀWKHꢀGULYHU¶VꢀZD\ꢀDQGꢀFDQQRWꢀLQMXUHꢀWKHꢀSDVVHQJHUVꢀLIꢀWKHUHꢀLVꢀDꢀVXGGHQꢀVWRSꢁꢀOLNHꢀDQꢀ  
HPHUJHQF\ꢀVWRSꢂ  
,IꢀWKHꢀLQVWDOODWLRQꢀDQJOHꢀH[FHHGVꢀꢇꢐžꢀWKHꢀXQLWꢀPLJKWꢀQRWꢀSHUIRUPꢀZHOOꢂ  
ꢀꢀꢀꢇꢇꢂ  
,167$//$7,21  
ꢄꢏ  
$YRLGꢀLQVWDOOLQJꢀWKHꢀXQLWꢀZKHUHꢀLWꢀLVꢀVXEMHFWHGꢀWRꢀKLJKꢀWHPSHUDWXUHꢁꢀVXFKꢀDVꢀIURPꢀGLUHFWꢀVXQOLJKWꢁꢀKRWꢀDLUꢀIURPꢀ  
WKHꢀKHDWLQJꢀGXFWVꢁꢀRUꢀZKHUHꢀVXEMHFWHGꢀWRꢀGXVWꢁꢀGLUWꢀRUꢀH[FHVVLYHꢀYLEUDWLRQꢂ  
',1ꢀIURQWꢍUHDUꢄPRXQW  
7KLVꢀXQLWꢀFDQꢀEHꢀSURSHUO\ꢀLQVWDOOHGꢀHLWKHUꢀIURPꢀꢗIURQWꢗꢀꢉFRQYHQWLRQDOꢀ',1ꢀIURQWꢄPRXQWꢊꢀRUꢀꢗUHDUꢗꢀ  
6ꢉ',1ꢀUHDUꢄPRXQWꢀLQVWDOODWLRQꢁꢀXWLOL]LQJꢀWKUHDGHGꢀVFUHZꢀKROHVꢀDWꢀWKHꢀVLGHVꢀRIꢀWKHꢀXQLWꢀFKDVVLVꢊꢂꢀ  
)RUꢀGHWDLOVꢁꢀUHIHUꢀWRꢀWKHꢀIROORZLQJꢀLOOXVWUDWHGꢀLQVWDOODWLRQꢀPHWKRGVꢂ  
'$6+ꢀ%2$5'  
+(;ꢀ187  
0(7$/ꢀ02817,1*  
675$3  
635,1*ꢀ:$6+(5  
&2162/(  
3/$,1ꢀ:$6+(5  
6/,'(ꢀ%5$&.(7  
7$33,1*ꢀ6&5(:6  
+286,1*  
+(;ꢀ%2/7  
.(<ꢀ3/$7(  
3/$67,&ꢀ&29(5  
.(<ꢀ3/$7(  
,Iꢀ\RXꢀZDQWꢀWRꢀWDNHꢀ&+$66,6ꢀRXWꢀRIꢀWKHꢀ6/,'(ꢀ%5$&.(7ꢀ+286,1*ꢁꢀILUVWꢀUHPRYHꢀWKHꢀ3/$67,&ꢀ&29(5ꢀRIꢀWKHꢀERWK  
VLGHVꢀDZD\ꢁꢀWKHQꢀLQVHUWꢀWKHꢀWZRꢀ.(<ꢀ3/$7(ꢀLQWRꢀOHIWꢀDQGꢀULJKWꢀVLGHꢀRIꢀFKDVVLVꢀDVꢀDERYHꢀLOOXVWUDWLRQꢂ  
ꢀꢀꢀꢇꢋꢂ  
,167$//$7,216  
+RZꢁ7Rꢁ5HPRYHꢁ$QGꢁ,QVWDOOꢁ7KHꢁ)URQWꢁ3DQHO  
:KHQꢀGHWDFKLQJꢀRUꢀDWWDFKLQJꢀWKHꢀFRQWUROꢀSDQHOꢁꢀEHꢀFDUHIXOꢀQRWꢀWRꢀGDPDJHꢀWKHꢀFRQQHFWRUVꢀRQꢀWKHꢀEDFNꢀRIꢀWKHꢀFRQWUROꢀSDQHO  
DQGꢀRQꢀWKHꢀSDQHOꢀKROGHUꢂ  
'HWDFKLQJꢁ7KHꢁ&RQWUROꢁ3DQHO  
%HIRUHꢀGHWDFKLQJꢀWKHꢀFRQWUROꢀSDQHOꢁꢀEHꢀVXUHꢀWRꢀWXUQꢀRIIꢀWKHꢀSRZHUꢂ  
ꢌꢂꢀ3UHVVꢀWKHꢀUHOHDVHꢀEXWWRQꢀDQGꢀWKHꢀOHIWꢀKDQGꢀVLGHꢀRIꢀWKHꢀIURQWꢀSDQHOꢀZLOOꢀUHOHDVHꢂꢀꢉ),*ꢂꢀꢌꢊ  
ꢅꢂꢀ3XOOꢄRIIꢀWKHꢀIURQWꢀSDQHOꢀꢉ),*ꢂꢀꢅꢊꢀDQGꢀNHHSꢀWKHꢀIURQWꢀSDQHOꢀLQꢀWKHꢀFDVHꢀꢉ),*ꢂꢀꢇꢊ  
,QVWDOOꢁ7KHꢁ)URQWꢁ3DQHOV  
)LUVWꢀLQVHUWꢀWKHꢀULJKWꢀKDQGꢀVLGHꢀRIꢀWKHꢀIURQWꢀSDQHOꢀLQWRꢀWKHꢀKRXVLQJꢀRIꢀWKHꢀXQLWꢀꢁꢀWKHQꢀSXVKꢀWKHꢀOHIWꢀKDQGꢀVLGHꢀRIꢀWKHꢀIURQWꢀSDQHO  
DQGꢀPDNHꢀVXUHꢀWKHꢀSDQHOꢀLVꢀSURSHUO\ꢀLQVWDOOHGꢉ),*ꢂꢋꢊꢁDQGꢀWKHQꢀSUHVVꢀWKHꢀ3:5ꢀEXWWRQꢀꢉꢅꢊꢀEULHIO\ꢀWRꢀVZLWFKꢀWKHꢀGHYLFHꢀ21ꢂ  
5HOHDVHꢀEXWWRQ  
),*ꢂꢌ  
),*ꢂꢅ  
5HFHVV  
1RVH  
),*ꢂꢋ  
),*ꢂꢇ  
),*ꢂꢎ  
),*ꢂꢑ  
3UHFDXWLRQV  
'RꢀQRWꢀWRXFKꢀWKHꢀFRQWDFWVꢀRQꢀWKHꢀIURQWꢀSDQHOꢀRUꢀWKHꢀXQLWꢀERG\ꢁꢀVLQFHꢀWKLVꢀPD\ꢀUHVXOWꢀLQꢀSRRUꢀHOHFWULFDOꢀFRQWDFWꢂꢀ,IꢀGLUWꢀRUꢀGXVWꢀ  
DFFXPXODWHVꢀRQꢀWKHꢀFRQWDFWVꢁꢀZLSHꢀWKHPꢀZLWKꢀDꢀFOHDQꢁꢀGU\ꢀFORWKꢂ  
),*ꢂꢒ  
ꢀꢀꢀꢇꢎꢂ  
,167$//$7,216  
&+$1*,1*ꢁ7+(ꢁ&21752/ꢁ3$1(/ꢁ$1*/(  
,Iꢀ\RXꢀZDQWꢀWRꢀFKDQJHꢀWKHꢀDQJOHꢀWRꢀSOD\ꢁꢀ\RXꢀFDQꢀSUHVVꢀUHSHDWHGO\ꢀWKHꢀꢀꢀꢀꢉDQJOHꢊꢀEXWWRQꢀWRꢀVHOHFWꢀWKHꢀGHVLUHGꢀDQJOHꢀDVꢀ  
IROORZVꢃ  
$QJOHꢀꢅ  
$QJOHꢀꢌ  
$QJOHꢀꢇ  
$QJOHꢀꢋ  
&DXWLRQꢀ  
'RꢀQRWꢀJHWꢀZLWKꢀ\RXUꢀILQJHUVꢀEHKLQGꢀWKHꢀFRQWUROꢀSDQHOꢂ  
ꢀꢀꢀꢇꢑꢂ  
:,5,1*ꢁ',$*5$0  
:,5,1*ꢀ&211(&7,21  
0$,17ꢀ81,7  
:+,7(  
ꢉ%ꢕꢊꢌꢅ9  
5($5ꢀ&$0(5$ꢀ6:,7&+  
*5((1  
,62ꢀ&211(&725  
ꢉ%ꢄꢊ3$5.,1*ꢀ%5$.(  
<(//2:  
5($5ꢀ&$0(5$ꢀ,1387  
$8;ꢉRSWLRQDOꢊ  
9,'(2ꢀ,1ꢀ<(//2:  
5&+ꢀ,1ꢀ5('  
$17(11$ꢀ&211(&725  
/&+ꢀ,1ꢀ:+,7(  
5&$ꢀ&$%/(  
*5(<ꢀ68%:22)(5  
9,'(2ꢀ287ꢀꢅꢀ<(//2:  
5('  
,*1,7,21  
6:,7&+ꢉ%ꢕꢊ  
&2$;,$/ꢀ287ꢀ%52:1  
5&+ꢀ5('  
5($5ꢀ5&$ꢀ287387  
&$%/(ꢀꢉRSWLRQDOꢊ  
&+2.(  
%2;  
<(//2:  
%/$&.  
0(025<  
%$&.ꢄ83ꢉ%ꢕꢊ  
/&+ꢀ:+,7(  
)5217ꢀ5&$ꢀ287387ꢀ&$%/(  
)5217ꢀ5&$ꢀ5('ꢀ5  
9,'(2ꢀ287ꢀꢌꢀ<(//2:  
)5217ꢀ5&$ꢀ:+,7(ꢀ/  
*5281'ꢉ%ꢄꢊ  
ꢉ)25ꢀ5&$ꢀ/,1(ꢀ287ꢀ9(56,21ꢀ21/<ꢊ  
)86(  
$872 %/8(  
$17(11$  
:+,7(  
*5(<  
)5217  
5FKꢀ63.ꢂ  
)5217  
/FKꢀ63.ꢂ  
:+,7(ꢍ%/$&.  
*5(<ꢍ%/$&.  
*5((1  
*5((1ꢍ%/$&.  
9,2/(7  
5($5  
5($5  
/FKꢀ63.ꢂ  
5FKꢀ63.ꢂ  
9,2/(7ꢍ%/$&.  
ꢏꢀ3OHDVHꢀFRQQHFWꢀWKHꢀJUHHQꢀZLUHꢀWRꢀWKHꢀJURXQGꢀFRQQHFWLRQꢀRIꢀWKHꢀVZLWFKꢀIRUꢀWKHꢀKDQGꢀEUDNHꢀRUꢀRIꢀWKHꢀVZLWFKꢀIRUꢀWKHꢀSDUNLQJ  
SRVLWLRQꢀIRUꢀFDUVꢀZLWKꢀDQꢀDXWRPDWLFꢀJHDUꢀER[ꢁꢀWRꢀHQVXUHꢀDꢀSURSHUꢀIXQFWLRQDOLW\ꢀRIꢀWKHꢀ7)7ꢄVFUHHQꢀGXULQJꢀ'9'ꢀSOD\EDFNꢂꢀ,WꢀLV  
HQIRUFHGꢀE\ꢀODZꢀWKDWꢀWKHꢀFRQQHFWLRQꢀWRꢀWKHꢀKDQGꢀEUDNHꢀRUꢀWRꢀWKHꢀSDUNLQJꢀSRVLWLRQꢀLVꢀPDGHꢁꢀWRꢀHQVXUHꢀWKHꢀEHVWꢀSRVVLEOHꢀURDG  
VDIHW\ꢀIRUꢀ\RXꢀDQGꢀ\RXUꢀSDVVHQJHUVꢀDQGꢀWRꢀDYRLGꢀDQ\ꢀXQQHFHVVDU\ꢀGLVWXUEDQFHꢂ  
ꢀꢀꢀꢇꢒꢂ  
5(027(ꢁ&21752/  
ꢌꢑ  
ꢌꢎ  
ꢌꢒ  
ꢌꢔ  
ꢅꢐ  
ꢅꢌ  
ꢌꢇ  
ꢅꢇ  
ꢌꢅ  
ꢌꢋ  
ꢅꢅ  
ꢌꢓ  
ꢌꢌ  
ꢅꢋ  
ꢅꢎ  
ꢌꢐ  
ꢅꢑ  
ꢌꢂꢀ&/.  
3UHVVꢀLWꢀWRꢀFKDQJHꢀWKHꢀGLVSOD\ꢀWRꢀFORFNꢀGLVSOD\ꢂ  
ꢅꢂꢀ3$,5ꢍ  
3UHVVꢀLWꢀWRꢀXVHꢀWKHꢀ%OXHWRRWKꢀIXQFWLRQꢁꢀUHIHUꢀWRꢀSDJHꢀꢀꢋꢇꢂ  
ꢇꢂꢀ6723  
ꢋꢂꢀ6(783  
ꢎꢂꢀ02ꢍ67ꢉ$8',2ꢊ  
3UHVVꢀLWꢀWRꢀVWRSꢀSOD\EDFNꢂ  
'LVSOD\ꢀWKHꢀ6(783ꢀPHQXꢂ  
,QꢀUDGLRꢀPRGHꢁꢀSUHVVꢀLWꢀWRꢀVHOHFWꢀ67(5(2ꢀRUꢀ0212ꢀPRGHꢀꢉ,QꢀGLVFꢀPRGHꢁꢀSUHVVꢀLWꢀIRU  
FKDQJLQJꢀRIꢀWKHꢀ$8',2ꢀVRXQGWUDFNꢀRQꢀPXOWLꢀDXGLRꢀVRXQGWUDFNꢀ'9'ꢀGLVFꢂꢀ&KDQJLQJꢀRIꢀWKH  
VRXQGꢀPRGHꢀRIꢀWKHꢀ9&'ꢍ&'ꢀGLVFꢊ  
&KDQJLQJꢀRIꢀWKHꢀ68%7,7/(ꢀODQJXDJHꢀRQꢀPXOWLꢄVXEWLWOHꢀODQJXDJHꢀ'9'ꢀGLVFꢂꢀ,QꢀUDGLRꢀPRGH  
SUHVVꢀWKLVꢀEXWWRQꢀIRUꢀGLVWDQFHꢀUHFHSWLRQꢀZKHQꢀ\RXꢀDUHꢀORFDWHGꢀDWꢀZHDNꢀVLJQDOꢀORFDWLRQꢁ  
GHSUHVVꢀLWꢀIRUꢀVWURQJHUꢀVLJQDOꢂ  
ꢑꢂꢀ68%7,7/(ꢀ/2ꢍ';  
3UHVVꢀWKLVꢀEXWWRQꢀWRꢀXVHꢀWKHꢀ%OXHWRRWKꢀIXQFWLRQꢁꢀUHIHUꢀWRꢀWKHꢀSDJHꢀꢋꢇꢂ  
3UHVVꢀWKLVꢀEXWWRQꢀWRꢀEHJLQꢀSOD\EDFNꢀDWꢀDꢀPRPHQWꢀLQꢀWKHꢀSURJUDPꢀ\RXꢀGHVLJQDWHꢂꢀ8VHꢀWKHꢀ  
QXPEHUꢀEXWWRQVꢀWRꢀHQWHUꢀWKHꢀGDWDꢀWKDWꢀLVꢀQHHGHGꢂꢀ,Qꢀ%OXHWRRWKꢀPHQXꢁꢀLWꢀVHUYHVꢀDVꢀWKHꢀꢀꢀꢀꢀEXWWRQꢀ  
RQꢀ\RXUꢀPRELOHꢀKDQGVHWꢂ  
ꢒꢂꢀ5(',$/ꢍꢀ  
ꢓꢂꢀ*272ꢍ  
ꢔꢂꢀꢀꢀꢀꢀꢍꢀ  
3UHVVꢀꢀꢀꢀꢀꢀWRꢀVNLSꢀWRꢀWKHꢀQH[WꢀWUDFNꢀ ꢀSUHVVꢀꢀꢀꢀꢀꢀꢀWRꢀVNLSꢀEDFNꢀRQHꢀWUDFNꢂꢀꢉ1RWHꢃꢀ,Qꢀ'9'ꢀPRGHꢁꢀ  
SUHVVꢀFRQWLQXDOO\ꢀWKHꢀꢀꢀꢀꢀꢀWZLFHꢀWRꢀVNLSꢀEDFNꢀRQHꢀWUDFNꢂꢊꢀꢀ  
ꢌꢐꢂꢀ6(/  
3UHVVꢀWKLVꢀEXWWRQꢀUHSHDWHGO\ꢀWRꢀF\FOHꢀWKURXJKꢀWKHꢀYDULRXVꢀDXGLRꢀDQGꢀYLGHRꢀDGMXVWPHQWVꢀ\RXꢀFDQꢀ  
PDNHꢃꢀ9ROXPHꢁꢀ%DVVꢁꢀ7UHEOHꢁꢀ%DODQFHꢁꢀ)DGHUꢁꢀ&RORUꢁꢀ%*ꢀ&RORUꢁꢀ%ULJKWQHVVꢁꢀ&RQWUDVWꢀ7LQWꢀDQGꢀ  
%OXHWRRWKꢂ  
ꢌꢌꢂꢀ92/ꢕꢍ92/ꢄ  
ꢌꢅꢂꢀꢀꢀꢀꢀꢍꢀꢀꢀꢀꢍꢀꢀꢀꢀꢀꢍ  
3UHVVꢀLWꢀWRꢀDGMXVWꢀYROXPHꢀOHYHOꢂ  
,QꢀFDVHꢀRIꢀWKHꢀ6(783ꢀ0(18ꢀPRGHꢁꢀꢀꢀꢀꢀꢍꢀꢀꢀꢀꢍꢀꢀꢀꢀꢀꢍꢀꢀꢀꢀꢀꢀEXWWRQVꢀVHUYHGꢀDVꢀFXUVRUꢀEXWWRQV  
WRꢀVHOHFWꢀLWHPꢀOHIWꢍULJKWꢁꢀDKHDGꢍEDFNꢂ  
ꢌꢇꢂꢀ0(18ꢀ  
ꢀꢀꢀꢀꢀꢀ68%ꢀ:22)(5  
ꢌꢋꢂꢀ%$1'ꢀꢉ26'ꢊ  
3UHVVꢀLWꢀEULHIO\ꢀWRꢀGLVSOD\ꢀWKHꢀPDLQꢀPHQXꢀRIꢀWKHꢀ'9'ꢍ9&'ꢂꢀ3UHVVꢀLWꢀORQJꢀWRꢀVZLWFKꢀWKH  
68%:22)(5ꢀ21ꢀDQGꢀ2))  
,Qꢀ5DGLRꢀPRGHꢁꢀSUHVVꢀWKLVꢀEXWWRQꢀUHSHDWHGO\ꢀWRꢀVZLWFKꢀEHWZHHQꢀWKHꢀILYHꢀUDGLRꢀEDQGVꢃꢀ  
)0ꢌꢀ!ꢀ)0ꢅꢀ!ꢀ)0ꢇꢀ!ꢀ$0ꢌꢀ!ꢀ$0ꢅꢂ  
ꢌꢎꢂꢀꢀꢀꢀꢀꢍ02'  
,Qꢀ'LVFꢀ3OD\EDFNꢀPRGHVꢁꢀSUHVVꢀWKLVꢀEXWWRQꢀWRꢀVHHꢀLQIRUPDWLRQꢀDERXWꢀWKHꢀFXUUHQWꢀGLVFꢂ  
3UHVVꢀWKLVꢀEXWWRQꢀWRꢀWXUQꢀWKHꢀXQLWꢀ21ꢁꢀSUHVVꢀDQGꢀKROGꢀWRꢀWXUQꢀWKHꢀXQLWꢀ2))  
3UHVVꢀLWꢀEULHIO\ꢀWRꢀVHOHFWꢀWKHꢀ79ꢀ'LVFꢁꢀ5DGLRꢁꢀ$8;ꢀ,Qꢁꢀ%7ꢀ0XVLFꢀPRGHꢂ  
,QꢀGLVFꢀSOD\EDFNꢀPRGHꢁꢀSUHVVꢀWRꢀSDXVHꢀSOD\EDFNꢂꢀ3UHVVꢀDJDLQꢀWRꢀVWDUWꢀZKHUHꢀSOD\EDFNꢀVWRSSHGꢂꢀ  
,QꢀUDGLRꢀPRGHꢀꢉZKHQꢀ5'6ꢀPRGHꢀLVꢀHQJDJHGꢊꢁꢀSUHVVꢀWKLVꢀEXWWRQꢀWRꢀPDNHꢀDꢀVHOHFWLRQꢀZLWKLQꢀWKHꢀ  
37<ꢀVWDWLRQVꢀDYDLODEOHꢂ  
ꢌꢑꢂꢀ3/$<ꢍ3$86(  
ꢌꢒꢂꢀ087(  
ꢌꢓꢂꢀ7,7/(ꢍ3%&ꢀꢉ$ꢍ3ꢊ  
3UHVVꢀLWꢀWRꢀPXWHꢀGRZQꢀVRXQGꢂ  
'LVSOD\ꢀWKHꢀ7,7/(ꢀPHQXꢀWKDWꢀLVꢀVWRUHGꢀLQꢀ'9'ꢀGLVFꢀFKDQJLQJꢀEHWZHHQꢀ3%&ꢀ21ꢀDQGꢀ3%&  
2))ꢀRQꢀWKHꢀ9&'ꢀGLVFꢂꢉ$XWRꢀVWRUHꢀDQGꢀSUHVHWꢀVFDQꢀIXQFWLRQꢀLQꢀUDGLRꢀVWDWLRQVꢂꢊ  
3UHVVꢀLWꢀWRꢀFKDQJHꢀWKHꢀYLHZꢀDQJOHꢀRIꢀWKHꢀIURQWꢀSDQHOꢂ  
ꢌꢔꢂꢀꢀ  
ꢅꢐꢂꢀ$1*/(  
ꢅꢌꢂꢀ(4ꢍ/28'  
ꢅꢅꢂꢀꢀꢀꢀꢀꢍꢀ  
&KDQJLQJꢀRIꢀWKHꢀYLHZꢀDQJOHꢀRQꢀDꢀPXOWLꢄDQJOHꢀ'9'ꢂ  
3UHVVꢀWRꢀWXUQꢀWRꢀHTXDOL]HUꢀIXQFWLRQꢂꢀ,QꢀUDGLRꢀPRGHꢁꢀSUHVVꢀLWꢀWRꢀHQKDQFHꢀWKHꢀEDVVꢀHIIHFWꢂ  
3UHVVꢀWRꢀVWDUWꢀIRUZDUGꢀUDSLGO\ꢀ ꢀWRꢀUHYHUVHꢀUDSLGO\ꢂ  
ꢅꢇꢂꢀ(17(5  
&RQILUPꢀWKHꢀ7UDFNꢍ&KDSWHUꢀVHOHFWHGꢀZLWKꢀWKHꢀQXPEHUꢀNH\ꢀRUꢀVHOHFWHGꢀZLWKꢀWKHꢀFXUVRU  
EXWWRQVꢀRQꢀ79ꢀVFUHHQꢂ  
ꢀꢀꢀꢇꢓꢂ  
6L[ꢀSUHVHWꢀPHPRU\ꢀEXWWRQVꢂ  
ꢅꢋꢂꢀ5DGLRꢀ3UHVHW  
ꢅꢎꢂꢀꢐꢄꢔ  
7KHVHꢀEXWWRQVꢀDUHꢀXVHGꢀIRUꢀQXPHULFꢀHQWU\ꢀLQꢀPDQ\ꢀGLIIHUHQWꢀPHQXVꢂꢀ,QꢀDGGLWLRQꢁꢀLQꢀUDGLRꢀ  
PRGHꢀꢉZKHQꢀ5'6ꢀLVꢀHQJDJHGꢊꢁꢀꢐꢀVHUYHVꢀDVꢀWKHꢀ7$ꢀEXWWRQꢀDQGꢀꢔꢀVHUYHVꢀDVꢀWKHꢀ$)ꢀEXWWRQꢂ  
7HQꢀGLJLWꢀVHOHFWꢀEXWWRQꢁꢀXVHGꢀZLWKꢀQXPHULFꢀEXWWRQVꢂ  
ꢅꢑꢂꢀꢕꢌꢐꢍ  
,Qꢀ%OXHWRRWKꢀPHQXꢁꢀLWꢀVHUYHVꢀDVꢀWKHꢀꢀEXWWRQꢀRQꢀ\RXUꢀPRELOHꢀKDQGVHWꢂ  
3UHSDULQJꢁWKHꢁ5HPRWHꢁ&RQWURO  
,QVHUWLQJꢁWKHꢁ%DWWHULHV  
ꢌꢂꢀꢀꢀ)LUVWꢀSXVKꢀWRꢀLQVLGHꢀDVꢀWKHꢀGLUHFWLRQꢀLQGLFDWHGꢀE\ꢀWKHꢀDUURZꢀꢉ6HHꢀꢀꢀꢀꢊꢀDQGꢀWKHQꢀUHPRYHꢀWKHꢀEDWWHU\ꢀKROGHUꢀDVꢀWKHꢀ  
ꢀꢀꢀꢀꢀꢀGLUHFWLRQꢀLQGLFDWHGꢀE\ꢀWKHꢀDUURZꢀꢉVHHꢀꢀꢀꢀꢀꢊꢂ  
ꢅꢂꢀꢀꢀ5HSODFHꢀWKHꢀEDWWHU\ꢀ6HWꢀDꢀQHZꢀEDWWHU\ꢀSURSHUW\ꢀZLWKꢀꢉꢕꢊꢀVLGHꢀXSꢀDVꢀLOOXVWUDWHGꢀꢉVHHꢀꢀꢀꢊꢂ  
ꢇꢂꢀꢀꢀ,QVHUWꢀWKHꢀEDWWHU\ꢀKROGHUꢂꢀ3XVKꢀLQꢀWKHꢀKROGHUꢀWRꢀWKHꢀRULJLQDOꢀSRVLWLRQꢀꢉVHHꢀꢀꢀꢀꢊꢂ  
8VLQJꢁWKHꢁ5HPRWHꢁ&RQWURO  
)DFHꢀWKHꢀUHPRWHꢀFRQWUROꢀWRZDUGVꢀWKHꢀSOD\HUꢀIURQWꢀIDFHꢀ,5ꢀPDUNꢀꢉUHPRWHꢀFRQWUROꢀVLJQDOꢀUHFHLYHUꢊꢂ  
2SHUDWLRQꢀDQJOHꢃꢀ$ERXWꢀꢕꢀꢇꢐꢀGHJUHHꢀLQꢀHDFKꢀWKHꢀGLUHFWLRQꢀRIꢀWKHꢀIURQWꢀRIꢀWKHꢀ,5ꢀPDUNꢂ  
ꢀꢀꢀꢇꢔꢂ  
%$6,&ꢁ23(5$7,21  
ꢅꢋ  
ꢌꢔ  
ꢌꢐ  
ꢅꢌ ꢅꢐ  
ꢅꢇ  
5(/  
&$5 '9'ꢍ9&'ꢍ&'ꢍ03ꢇ 3/$<(5 :,7+ 03(*ꢋ  
,5  
5(7  
0,&  
ꢌꢒ  
ꢌꢋ  
7$ꢍ$)  
92/ꢄ  
08  
37<  
3$,5  
ꢌꢓ  
ꢌꢍ723  
ꢋꢍ5'0  
6(/  
ꢅꢍ537  
ꢇꢍ,17  
%1'  
ꢌꢑ  
92/ꢕ  
,
(
1
02'  
$8; ,1  
ꢅꢅ  
ꢅꢎ  
ꢌꢇ  
ꢌꢎ  
ꢌꢌ ꢌꢅ  
ꢈꢉꢁ5(/ꢁ%87721  
ꢀꢀꢀꢀ3UHVVꢀWKHꢀ5(/ꢀEXWWRQꢀWRꢀGHWDFKꢀWKHꢀUHPRYDEOHꢀIURQWꢀSDQHOꢂ  
ꢊꢉꢁꢁꢁꢁꢁꢁꢒ32:(5ꢁ2Qꢐ2IIꢓꢐ02'ꢁ%87721  
ꢀꢀꢀꢀ3UHVVꢀLWꢀWRꢀVZLWFKꢀWKHꢀGHYLFHꢀ21ꢁꢀSUHVVꢀDQGꢀKROGꢀꢉDSSUR[LPDWHO\ꢀꢅꢀVHFRQGVꢊꢀWRꢀVZLWFKꢀWKHꢀGHYLFHꢀ2))  
ꢀꢀꢀꢀ'XULQJꢀSOD\EDFNꢀPRGHꢁꢀ\RXꢀFDQꢀSUHVVꢀLWꢀWRꢀVHOHFWꢀDQꢀLQSXWꢀPRGHꢀE\ꢀSUHVVLQJꢀUHSHDWHGO\ꢃꢀ$8;ꢀ,1ꢀ!ꢀ5$',2ꢀ!ꢀ',6&ꢀ  
ꢀꢀꢀꢀ!ꢀ%7086,&ꢀ  
ꢀꢀꢀꢀ,Iꢀ\RXꢀDUHꢀLQꢀ86%ꢀSOD\EDFNꢀPRGHꢀDQGꢀZDQWꢀWRꢀVHOHFWꢀWKHꢀ',6&ꢀPRGHꢁꢀSUHVVꢀWKHꢀ6723ꢀEXWWRQꢀDQGꢀWKHQꢀSUHVVꢀWKHꢀ*272  
ꢀꢀꢀꢀEXWWRQꢂ  
ꢄꢆꢋꢉꢁ92/ꢑꢐ92/ꢆꢁ ꢁ6(/ꢁ%87721  
ꢀꢀꢀꢀꢀꢀꢀ3UHVVꢀ6(/ꢀEXWWRQꢀEULHIO\ꢀWRꢀF\FOHꢀWKURXJKꢀWKHꢀVRXQGꢍSLFWXUHꢀPRGHꢀVHOHFWLRQꢀPHQXꢂꢀ6HOHFWꢀWKHꢀLQGLYLGXDOꢀPHQXꢀLWHPVꢀ  
ꢀꢀꢀꢀꢀꢀꢀVXFKꢀDVꢀYROXPHꢁꢀEDVVꢁꢀWUHEOHꢁꢀEDODQFHꢁꢀIDGHUꢁꢀFRORUꢁꢀEULJKWꢁꢀFRQWUDVWꢁꢀWLQWꢁꢀ%*ꢀFRORUꢀDQGꢀ%OXHWRRWKꢂꢀ7KHQꢀURWDWHꢀWKHꢀ  
ꢀꢀꢀꢀꢀꢀꢀ92/ꢕꢀꢍꢀꢄꢀWRꢀDGMXVWꢀWKHꢀVHOHFWHGꢀPRGHꢂꢀꢉ7KHꢀFRUUHVSRQGLQJꢀYDOXHꢀZLOOꢀVKRZꢀRQꢀWKHꢀGLVSOD\ꢂꢊ  
ꢀꢀꢀꢀꢀꢀꢀ:KHQꢀPRGHꢀKDVꢀQRWꢀEHHQꢀDGMXVWHGꢀIRUꢀVHYHUDOꢀVHFRQGVꢁꢀGLVSOD\ꢀUHWXUQVꢀWRꢀQRUPDOꢀUDGLRꢀRUꢀ&'ꢀGLVSOD\ꢂ  
9ROXPH  
%DVV  
7UHEOH %DODQFH  
)DGHU %OXHWRRWK  
7LQW  
&RQWUDVW  
%ULJKW  
&RORU  
%* &RORU  
ꢃꢉꢁ%$1'ꢁ%87721  
ꢀꢀꢀꢀ,Qꢀ5$',2ꢀPRGHꢁꢀSUHVVꢀWKHꢀ%$1'ꢀEXWWRQꢀRQꢀWKHꢀIURQWꢀSDQHOꢀRUꢀRQꢀWKHꢀUHPRWHꢀFRQWUROOHUꢀWRꢀVHOHFWꢀ\RXUꢀGHVLUHGꢀUDGLR  
ꢀꢀꢀꢀVEDQGꢀDQGꢀZRUGꢀZKLFKꢀEDQGꢀLVꢀVHOHFWHGꢀZLOOꢀEHꢀGLVSOD\HGꢀLQꢀWKHꢀ7)7ꢀ3UHVVꢀLWꢀWRꢀFKDQJHꢀWKHꢀEDQGVꢀDVꢀEHORZꢃ  
ꢀꢀꢀꢀ)0ꢀꢀꢀꢀꢀꢀ0:ꢀꢀꢀꢀꢀꢀꢀꢀꢀ  
,Qꢀ%OXHWRRWKꢀPHQXꢁꢀ\RXꢀFDQꢀSUHVVꢀWKLVꢀEXWWRQꢀWRꢀXVHꢀWKHꢀ%OXHWRRWKꢀIXQFWLRQꢁꢀSOHDVHꢀUHIHUꢀWRꢀSDJHꢀꢋꢇꢂ  
ꢌꢉꢁ7$ꢐ$)ꢁ%87721  
7$ꢁ)XQFWLRQꢁ>WUDIILFꢁ$QQRXQFHPHQW@ꢁ%XWWRQꢁꢒIRUꢁ5'6ꢁRQO\ꢓꢁLQꢁUDGLRꢁPRGH  
:KHQꢀSUHVVHGꢀEULHIO\ꢁꢀLWꢀLVꢀDFWLYDWHGꢀDVꢀ7$ꢀPRGHꢀ21ꢀRUꢀ2))  
'XULQJꢀUDGLRꢀRSHUDWLRQꢀLQꢀRQHꢀ)0ꢀIUHTXHQF\ꢀEDQGꢀWKHꢀVHDUFKꢀIRUꢀDꢀWUDIILFꢀDQQRXQFHPHQWꢀVWDWLRQꢀLVꢀVWDUWHGꢀDXWRPDWLFDOO\ꢀ  
ꢉ7$ꢀ6((.ꢊꢂ  
,IꢀDQꢀ)0ꢀVWDWLRQꢀLVꢀUHFHLYHGꢀZKLFKꢀWUDQVPLWVꢀWKHꢀODWHVWꢀWUDIILFꢀDQQRXQFHPHQWVꢁꢀWKHꢀ73ꢀGLVSOD\ꢀOLJKWVꢀXSꢂ  
,IꢀDQꢀ)0ꢀVWDWLRQꢀLVꢀUHFHLYHGꢀZKLFKꢀWUDQVPLWVꢀWKHꢀODWHVWꢀWUDIILFꢀDQQRXQFHPHQWVꢀLWꢀDXWRPDWLFDOO\ꢀLQWHUUXSWVꢀ&'ꢀSOD\EDFN  
ꢉ75$)),&ꢀDSSHDUVꢀLQꢀWKHꢀGLVSOD\ꢊꢂ  
7KHꢀYROXPHꢀOHYHOꢀLVꢀLQFUHDVHGꢀWRꢀWKHꢀPLQLPXPꢀYDOXHꢀIRUꢀWKHꢀWUDQVPLVVLRQꢀRIꢀWKHꢀWUDIILFꢀDQQRXQFHPHQWVꢂꢀ$IWHUꢀWKHꢀWUDIILF  
DQQRXQFHPHQWꢀKDVꢀILQLVKHGꢁꢀWKHꢀSUHYLRXVꢀSURJUDPꢀLVꢀUHVXPHGꢂ  
$)ꢁ>$OWHUQDWLYHꢁ)UHTXHQFLHV@  
:KHQꢀWXUQLQJꢀWKHꢀ6(/ꢀEXWWRQꢀWRZDUGVꢀ7$ꢍ$)ꢀIRUꢀPRUHꢀWKDQꢀꢅꢀVHFRQGVꢁꢀ$)ꢀRQꢍRIIꢀLVꢀDFWLYDWHGꢂ  
$)ꢀRIIꢃꢀ$)ꢀPRGHꢀLVꢀVZLWFKHGꢀRIIꢀꢉSUHVVꢀDQGꢀKROGꢀ$)ꢀDJDLQꢊꢂ  
$)ꢀRQꢃꢀ$)ꢀPRGHꢀLVꢀVZLWFKHGꢀRQꢁꢀWKHꢀUDGLRꢀFKHFNVꢀWKHꢀVLJQDOꢀVWUHQJWKꢀFRQWLQXRXVO\ꢂꢀ,IꢀWKHꢀDOWHUQDWLYHꢀIUHTXHQF\ꢀLV  
VWURQJHUꢀWKDQꢀWKHꢀVHWꢀIUHTXHQF\ꢁꢀWKHꢀUDGLRꢀVZLWFKHVꢀWRꢀWKHꢀDOWHUQDWLYHꢀIUHTXHQF\ꢀDQGꢀ1(:ꢀ)5(48(1&<ꢀLV  
GLVSOD\HGꢀIRUꢀꢅꢀVHFRQGVꢂ  
$)ꢀIODVKHVꢃꢀ$)ꢀPRGHVꢀLVꢀVHOHFWHGꢁꢀEXWꢀQRꢀ5'6ꢀLQIRUPDWLRQꢀLVꢀUHFHLYHGꢀ\HWꢂ  
3UHVVꢀDQGꢀKROGꢀ6(/ꢀEXWWRQꢀWRꢀDFFHVVꢃ  
5(*ꢀ21ꢍꢀ5(*ꢀ2))ꢀ3,ꢀ087(ꢍ3,ꢀ6281'ꢁꢀ$)ꢀ2))ꢍꢀ$)ꢀ21ꢂ  
5HJLRQDOꢀPRGHꢀ21  
3,ꢀ&2'(ꢀLVꢀFKHFNHGꢀZKHQꢀ$)ꢀ&+(&.ꢀLQꢀSURJUHVV  
ꢀꢀꢀꢋꢐꢂ  
5HJLRQDOꢀPRGHꢀ2))  
3,ꢀ&2'(ꢀDQGꢀ&29(5$*(ꢀ$5($ꢀLVꢀQRWꢀFKHFNHGꢀZKHQꢀ$)ꢀFKHFNꢀLQꢀSURJUHVVꢂ  
ꢂꢆꢍꢆꢎꢆꢈꢏꢆꢈꢈꢆꢈꢊꢁꢁ35(6(7ꢁ67$7,21  
,Qꢁ5DGLRꢁ0RGH  
Dꢊꢀ7RꢀPHPRUL]HꢀWKHꢀFXUUHQWꢀIUHTXHQF\ꢁꢀSUHVVꢀDQ\ꢀRQHꢀRIꢀWKHꢀVL[ꢀSUHVHWꢀEXWWRQVꢀ>ꢌꢄꢑ@ꢀRQꢀWKHꢀIURQWꢀSDQHOꢀRUꢀRQꢀWKHꢀUHPRWHꢀ  
ꢀꢀꢀꢀFRQWUROꢀIRUꢀPRUHꢀWKDQꢀꢅꢀVHFRQGVꢂ  
Eꢊꢀ7RꢀUHFDOOꢀWKHꢀSUHVHWꢀPHPRU\ꢁꢀSUHVVꢀRQHꢀRIꢀWKHꢀSUHVHWꢀEXWWRQVꢀ>ꢌꢄꢑ@ꢂ  
,Qꢁ'LVFꢁ0RGHꢀ  
$ꢂꢀ3UHVVꢀꢌꢍ723ꢀꢉꢒꢊꢀEXWWRQꢀWRꢀVHOHFWꢀWKHꢀILUVWꢀWUDFNꢍFKDSWHUꢀWRꢀSOD\ꢂ  
ꢀꢀꢀꢀDꢂꢀ,Qꢀ9&'ꢍ&'ꢍ03ꢇꢀGLVFꢀSOD\EDFNꢁꢀSUHVVꢀWKHꢀEXWWRQꢀRQꢀWKHꢀIURQWꢀSDQHOꢀWRꢀVHOHFWꢀWKHꢀILUVWꢀWUDFNꢍFKDSWHUꢀWRꢀSOD\ꢀꢉGHSHQGLQJ  
ꢀꢀꢀꢀꢀꢀꢀꢀRQꢀ9&'ꢊꢂ  
ꢀꢀꢀꢀEꢂꢀ,Qꢀ'9'ꢀGLVFꢀSOD\EDFNꢁꢀWKHꢀꢌꢍ723ꢀEXWWRQꢀLVꢀLQYDOLGꢂ  
%ꢂꢀ/RQJꢀ3UHVVꢀꢅꢍ537ꢀꢉꢓꢊꢀEXWWRQꢀRUꢀSUHVVꢀWKHꢀ5(3($7ꢀEXWWRQꢀRQꢀWKHꢀUHPRWHꢀFRQWUROꢀEULHIO\ꢀWRꢀVHOHFWꢀUHSHDWꢀPRGHꢀDVꢀIROORZVꢃ  
&+$37(5 5(3($7 21  
7,7/( 5(3($7 21  
5(3ꢄ21(  
5(3ꢄ$//  
5(3($7 $//  
ꢀꢀꢀꢀDꢂꢀ&RQWLQXRXVO\ꢀUHSHDWꢀDWꢀWKHꢀFXUUHQWꢀFKDSWHUꢍWUDFNꢁꢀZKHQꢀ5(3ꢄ21(ꢀPRGHꢀLVꢀVHOHFWHGꢂ  
ꢀꢀꢀꢀEꢂꢀ6HOHFWꢀ5(3ꢄ$//ꢀPRGHꢀWRꢀFRQWLQXRXVO\ꢀUHSHDWꢀDOOꢀFKDSWHUVꢍWUDFNVꢀRQꢀWKHꢀFXUUHQWꢀGLVFꢂ  
ꢀꢀꢀꢀFꢂꢀ5HSHDWꢀIHDWXUHꢀGRHVꢀQRWꢀVXSSRUWꢀ9&'ꢅꢂꢐꢀꢉZLWKꢀ3%&ꢀ21ꢊꢂꢀ  
&ꢂꢀ/RQJꢀ3UHVVꢀꢇꢍ,17ꢀꢉꢔꢊꢀEXWWRQꢀWRꢀVFDQꢀWKHꢀGLVFꢂ  
ꢀꢀꢀꢀDꢂꢀ,Qꢀ&'ꢀGLVFꢀSOD\EDFNꢁꢀSUHVVꢀWKHꢀꢇꢍ,17ꢀEXWWRQꢀWRꢀSOD\ꢀWKHꢀILUVWꢀꢑꢀVHFRQGVꢀRIꢀHDFKꢀWUDFNꢍFKDSWHUꢀRQꢀWKHꢀGLVFꢀꢉGHSHQGLQJꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀRQꢀWKHꢀGLVFꢊꢂ  
ꢀꢀꢀꢀEꢂꢀ,Qꢀ03ꢇꢀGLVFꢀSOD\EDFNꢁꢀWKHꢀꢇꢍ,17ꢀEXWWRQꢀLVꢀLQYDOLGꢂ  
ꢀꢀꢀꢀFꢂꢀ,Qꢀ9&'ꢀGLVFꢀSOD\EDFNꢁꢀORQJꢀSUHVVꢀWKHꢀꢇꢍ,17ꢀEXWWRQꢁꢀWKHꢀVFUHHQꢀZLOOꢀGLVSOD\ꢀDVꢀIROORZVꢀꢉORQJꢀSUHVVꢀDJDLQꢀZLOOꢀUHOHDVHꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀWKLVꢀPRGHꢂꢊꢃ  
6(/(&7 ',*(67 7<3(ꢃ  
75$&. ',*(67  
',6& ,17(59$/  
75$&. ,17(59$/  
ꢀꢀꢀꢀꢀꢀꢀꢀꢌꢊꢂꢀ8VHꢀWKHꢀŸꢍźꢍŹꢍŻꢀEXWWRQVꢀRQꢀWKHꢀUHPRWHꢀFRQWUROꢀWRꢀVHOHFWꢀWKHꢀLWHPꢁꢀDQGꢀWKHQꢀSUHVVꢀ(17(5ꢀWRꢀFRQILUPꢂ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢅꢊꢂꢀ,Qꢀ75$&.ꢀ',*(67ꢀRUꢀ',6&ꢍ75$&.ꢀ,17(59$/ꢀPRGHꢂ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ8VHꢀWKHꢀŸꢍźꢍŹꢍŻꢀEXWWRQVꢀWRꢀVHOHFWꢀWKHꢀLWHPꢀDQGꢀWKHQꢀSUHVVꢀ(17(5ꢀWRꢀFRQILUPꢂ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ<RXꢀFDQꢀDOVRꢀVHOHFWꢀWKHꢀLWHPVꢀXVLQJꢀWKHꢀFRUUHVSRQGLQJꢀQXPEHUꢀEXWWRQVꢁꢀDQGꢀWKHQꢀSUHVVꢀWKHꢀ(17(5ꢀWRꢀFRQILUPꢂ  
ꢀꢀꢀꢀGꢂꢀ,Qꢀ'9'ꢀGLVFꢀSOD\EDFNꢁꢀORQJꢀSUHVVꢀWKHꢀꢇꢍ,17ꢀEXWWRQꢁꢀWKHꢀVFUHHQꢀZLOOꢀGLVSOD\ꢀDVꢀIROORZVꢀꢉORQJꢀSUHVVꢀLWꢀDJDLQꢀZLOOꢀUHOHDVHꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀWKLVꢀPRGHꢂꢊꢃ  
6(/(&7 ',*(67 7<3(ꢃ  
7,7/( ',*(67  
&+$37(5 ',*(67  
7,7/( ,17(59$/  
&+$37(5 ,17(59$/  
ꢀꢀꢀꢀꢌꢊꢂꢀ8VHꢀWKHꢀꢀꢀEXWWRQVꢀRQꢀWKHꢀUHPRWHꢀFRQWUROꢀWRꢀVHOHFWꢀWKHꢀLWHPꢁꢀDQGꢀWKHQꢀSUHVVꢀ(17(5ꢀWRꢀFRQILUPꢂ  
ꢀꢀꢀꢀꢅꢊꢂꢀ,Qꢀ7,7/(ꢍ&+$37(5ꢀ',*(67ꢀRUꢀ7,7/(ꢍ&+$37(5ꢀ,17(59$/ꢀPRGHꢂ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ8VHꢀWKHꢀꢀꢀEXWWRQVꢀWRꢀVHOHFWꢀWKHꢀLWHPꢀDQGꢀWKHQꢀSUHVVꢀ(17(5ꢀWRꢀFRQILUPꢂ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ<RXꢀFDQꢀDOVRꢀVHOHFWꢀWKHꢀLWHPVꢀXVLQJꢀWKHꢀFRUUHVSRQGLQJꢀQXPEHUꢀEXWWRQVꢁꢀDQGꢀWKHQꢀSUHVVꢀWKHꢀ(17(5ꢀWRꢀFRQILUPꢂ  
'ꢂꢀ/RQJꢀSUHVVꢀꢋꢍ5'0ꢀꢉꢌꢐꢊꢀWRꢀSOD\ꢀGLVFꢀLQꢀUDQGRPꢂ  
ꢀꢀꢀꢀꢀ,QꢀWKHꢀ'9'ꢍ9&'ꢍ&'ꢍ03ꢇꢀGLVFꢀSOD\EDFNꢁꢀSUHVVꢀWKHꢀꢋꢍ5'0ꢀEXWWRQꢀRQꢀWKHꢀIURQWꢀSDQHOꢀWRꢀSOD\ꢀLQꢀUDQGRPꢀRUGHUꢀ  
ꢀꢀꢀꢀꢀꢉGHSHQGLQJꢀRQꢀWKHꢀGLVFꢊꢂ  
ꢈꢄꢉꢁ$36ꢐ',63ꢁ%87721  
$XWRPDWLFꢁ0HPRU\ꢁ)XQFWLRQꢀ  
,QꢀUDGLRꢀPRGHꢁꢀWXUQꢀWKHꢀ6(/ꢀNQREꢀLQꢀWKHꢀGLUHFWLRQꢀRIꢀ$36ꢍ',63ꢀIRUꢀDERXWꢀꢅꢀVHFRQGVꢀWRꢀDFWLYDWHꢀDXWRPDWLFꢀVWDWLRQꢀVWRUDJHꢂꢀ  
7KHꢀUDGLRꢀVHDUFKHVꢀZLWKLQꢀWKHꢀFXUUHQWꢀIUHTXHQF\ꢀEDQGꢁꢀHꢂJꢂꢀ)0ꢌꢁꢀWKHꢀVWURQJHVWꢀVWDWLRQVꢀDUHꢀWKHQꢀDOORFDWHGꢀWRꢀWKHꢀ  
FRUUHVSRQGLQJꢀVWRUDJHꢀORFDWLRQVꢂꢀ7KHQꢀWKHꢀVWDWLRQꢀRIꢀWKHꢀILUVWꢀVWRUDJHꢀORFDWLRQꢀLVꢀVHWꢂꢀ,Iꢀ\RXꢀZRXOGꢀOLNHꢀWRꢀVHDUFKꢀIRUꢀPRUHꢀ  
VWDWLRQVꢀLQꢀWKHꢀ)0ꢀEDQGꢁꢀSUHVVꢀWKHꢀ%1'ꢀEXWWRQꢀꢉꢎꢊꢀLQꢀRUGHUꢀWRꢀFKDQJHꢀWRꢀWKHꢀ)0ꢅꢀRUꢀ)0ꢇꢀEDQGꢂꢀ7XUQꢀWKHꢀ6(/ꢀEXWWRQꢀꢉꢋꢊꢀ  
DJDLQꢀLQꢀWKHꢀ$36ꢍ',63ꢀGLUHFWLRQꢀIRUꢀDERXWꢀꢅꢀVHFRQGVꢀWRꢀFRQWLQXHꢀVHDUFKꢂ  
3URJUDPꢁ6FDQꢁ)XQFWLRQꢀ  
'LVSOD\ꢁ21ꢐ2))ꢁ)XQFWLRQꢀ  
,QꢀUDGLRꢀPRGHꢁꢀWXUQꢀWKHꢀ6(/ꢀNQREꢀLQꢀWKHꢀGLUHFWLRQꢀRIꢀ$36ꢍ',63ꢀWRꢀVFDQꢀDQGꢀSOD\ꢀDOOꢀWKHꢀSUHVHWꢀVWDWLRQVꢀLQꢀRUGHUꢁꢀDQGꢀLWꢀZLOOꢀ  
KROGꢀDWꢀHDFKꢀEDQGꢀIRUꢀDERXWꢀꢎꢀVHFRQGVꢂꢀ3UHVVꢀ3/$<ꢍ3$86(ꢀWRꢀVWRSꢀVFDQQLQJꢂ  
,QꢀGLVFꢀPRGHꢁꢀWXUQꢀWKHꢀ6(/ꢀNQREꢀEULHIO\ꢀLQꢀWKHꢀGLUHFWLRQꢀRIꢀ$36ꢍ',63ꢀWRꢀWXUQꢀRIIꢀWKHꢀGLVSOD\ꢀꢉWKHꢀPRQLWRUꢀRQꢀ  
ꢀꢀꢀꢋꢌꢂ  
WKHꢀXQLWꢀRQO\ꢊꢁꢀWKHꢀVRXQGꢀZLOOꢀVWD\ꢀRQꢂꢀ7XUQꢀDJDLQꢀWRꢀUHVXPHꢀWKHꢀSOD\EDFNꢀSLFWXUHꢀPRGHꢂꢀ,QꢀUDGLRꢀPRGHꢁꢀ  
SUHVVꢀ6(/ꢀNQREꢀEULHIO\ꢀWRꢀVHOHFWꢀWKHꢀ³%*ꢀ&2/25´ꢀE\ꢀUHSHDWHGO\ꢀSUHVVLQJꢀWKHꢀ6(/ꢀNQREꢁꢀWKHQꢀURWDWHꢀ92/ꢕꢍꢄꢀWRꢀVHOHFWꢀWKHꢀ  
EDFNJURXQGꢀFRORUꢀEHWZHHQꢀ³$872ꢁꢀ%*ꢀ&2/25ꢃꢀꢐꢌꢂꢂꢂꢂꢂꢂꢂꢂ%*ꢀ&2/25ꢃꢀꢌꢌ´ꢁꢀLQꢀ³ꢀ$872´ꢀPRGHꢁꢀWKHꢀPRQLWRUꢀZLOOꢀFKDQJHꢀWKHꢀ  
EDFNJURXQGꢀFRORUꢀDXWRPDWLFDOO\ꢂ  
ꢈꢋꢉꢁ08ꢐ37<ꢁ%87721  
3UHVVꢀEXWWRQꢀEULHIO\ꢀWRꢀVZLWFKꢀRIꢀWKHꢀORXGVSHDNHUVꢀIRUꢀDꢀVKRUWꢀSHULRGꢂꢀ087(ꢀIODVKHVꢀLQꢀWKHꢀGLVSOD\ꢂꢀ3UHVVꢀLWꢀDJDLQꢀWRꢀ  
FDQFHOꢀWKHꢀPXWHꢀIXQFWLRQꢂꢀ7KLVꢀIXQFWLRQꢀFDQꢀDOVRꢀEHꢀFDQFHOOHGꢀE\ꢀXVLQJꢀ92/ꢂ  
37<ꢀꢉ352*5$0ꢀ7<3(ꢊꢀ)81&7,21  
,QꢀUDGLRꢀPRGHꢃ  
3UHVVꢀDQGꢀKROGꢀIRUꢀDERXWꢀꢅꢀVHFRQGVꢀWRꢀF\FOHꢀWKURXJKꢀWKHꢀ37<ꢀIXQFWLRQꢀVHOHFWLRQꢀPHQXꢁꢀSUHVVꢀWKLVꢀEXWWRQꢀUHSHDWHGO\ꢁꢀ\RXꢀ  
FDQꢀVHOHFWꢀWKHꢀ37<ꢀW\SHꢀDVꢀIROORZVꢃ  
1(:6ꢁꢀ$))$,56ꢁꢀ,1)2ꢁꢀ63257ꢀ('8&$7(ꢁꢀ'5$05ꢁꢀ&8/785(ꢁꢀ6&,(1&(ꢁꢀ9$5,('ꢁꢀ323ꢀ0ꢁꢀ52&.ꢀ0ꢁꢀ($6<ꢀ0ꢁ  
/,*+7ꢀ0ꢁꢀ&/$66,&6ꢁꢀ27+(5ꢀ0ꢁꢀ:($7+(5ꢁꢀ),1$1&(ꢁꢀ&+,/'5(1ꢁꢀ62&,$/ꢁꢀ5(/,*,21ꢁꢀ3+21(ꢀ,1ꢁꢀ75$9(/ꢁꢀ  
/(,685(ꢁꢀ-$==ꢁꢀ&28175<ꢀ1$7,21ꢀ0ꢁꢀ2/',(6ꢁꢁ)2/.ꢀ0ꢁꢁ'2&80(17ꢁ7(67ꢁ$/550ꢂ  
:KHQꢀ37<ꢀLVꢀVHOHFWHGꢁꢀWKHꢀUDGLRꢀVWDUWVꢀWRꢀVHDUFKꢀFRUUHVSRQGLQJꢀ37<ꢀLQIRUPDWLRQꢀꢉ37<ꢀ6((.ꢊꢁꢀDQGꢀVWRSVꢀLIꢀWKH  
FRUUHVSRQGLQJꢀ37<ꢀLQIRUPDWLRQꢀLVꢀGHWHFWHGꢂ  
,IꢀFRUUHVSRQGLQJꢀ37<ꢀLQIRUPDWLRQꢀLVꢀORVWꢁꢀ37<ꢀLVꢀDXWRPDWLFDOO\ꢀFDQFHOOHGꢂ  
ꢈꢃꢉꢁꢁꢁꢁꢒ$1*/(ꢓꢁ%87721  
<RXꢀFDQꢀFKDQJHꢀWKHꢀYLHZLQJꢀDQJOHꢀRIꢀWKHꢀRSHUDWLQJꢀXQLWꢂꢀ3UHVVꢀWKLVꢀEXWWRQꢀXSꢀWRꢀIRXUꢀWLPHVꢀLQꢀRUGHUꢀWRꢀVHOHFWꢀWKHꢀGHVLUHG  
SRVLWLRQꢂ  
ꢈꢌꢉꢁꢁꢁꢁꢁꢁꢐ37<ꢁ%87721  
3UHVVꢀꢀꢀꢀꢀꢀGXULQJꢀSOD\EDFNꢀZLOOꢀVWRSꢀSOD\ꢀWHPSRUDU\ꢂꢀ5HWXUQꢀWRꢀQRUPDOꢀSOD\EDFNꢀZLWKꢀSUHVVLQJꢀꢀꢀꢀꢀꢀRQFHꢀDJDLQꢂ  
ꢈꢂꢉꢁꢁꢁꢁꢁꢐꢁꢁꢁꢁꢁ%877216ꢁꢒ781(ꢅꢁ6((.ꢅꢁ75$&.ꢅꢁ6.,3ꢁ83ꢐ'2:1ꢓ  
Dꢊꢀ,QꢀGLVFꢁꢀ86%ꢀPRGHVꢃ  
ꢀꢀꢀꢀ,Iꢀ\RXꢀZLVKꢀWRꢀVNLSꢀIRUZDUGVꢀRUꢀEDFNZDUGVꢀSUHVVꢀWKHꢀ6(/ꢀEXWWRQꢀꢉꢋꢊꢀEULHIO\ꢀLQꢀWKHꢀꢀꢀꢀꢀꢀRUꢀꢀꢀꢀꢀGLUHFWLRQꢂꢀꢉ1RWHꢃꢀLQꢀ'9'ꢀ  
ꢀꢀꢀꢀPRGHꢁꢀSUHVVꢀWKHꢀ6(/ꢀEXWWRQꢀWZLFHꢀLQꢀꢀꢀꢀꢀꢀGLUHFWLRQꢀWRꢀVNLSꢀEDFNꢀRQHꢀWUDFNꢀGXULQJꢀSOD\EDFNꢂꢊ  
ꢀꢀꢀꢀ1RWHꢃꢀ)RUꢀVRPHꢀ9&'ꢀꢅꢂꢐꢀGLFVꢀꢉ3%&ꢄSOD\EDFNꢀFRQWUROꢊꢁꢀꢀꢀꢀꢀꢀDQGꢀꢀꢀꢀꢀꢀEXWWRQVꢀPD\ꢀEHꢀLQYDOLGꢂ  
ꢀꢀꢀꢀ7RꢀVHDUFKꢀWKURXJKꢀWKHꢀWUDFNVꢀNHHSꢀWKHꢀ6(/ꢀEXWWRQꢀSUHVVHGꢀLQꢀWKHꢀꢀꢀꢀꢀRUꢀꢀꢀꢀꢀGLUHFWLRQꢀIRUꢀDERXWꢀꢅꢀVHFRQGVꢂꢀ))ꢀ;ꢅꢀ  
ꢀꢀꢀꢀDSSHDUVꢀLQꢀWKHꢀGLVSOD\ꢂꢀ2SHUDWLQJꢀWKHꢀ6(/ꢀEXWWRQꢀDJDLQꢀFKDQJHVꢀWKHꢀVSHHGꢀDVꢀIROORZVꢃ  
1RUPDO 3OD\EDFN ꢅ[  
ꢋ[  
ꢓ[  
ꢌꢑ[  
'9'ꢍ9&'ꢍ&'ꢍ03ꢇꢃ  
Eꢊꢀ,QꢀUDGLRꢀPRGHꢃ  
ꢀꢀꢀꢀ0RYHꢀWKHꢀ6(/ꢀEXWWRQꢀLQꢀWKHꢀGLUHFWLRQꢀRIꢀꢀꢀꢀꢀRUꢀꢀꢀꢀꢀLQꢀRUGHUꢀWRꢀVHWꢀDꢀUDGLRꢀVWDWLRQꢀPDQXDOO\ꢂꢀ.HHSꢀWKHꢀ6(/ꢀSUHVVHGꢀLQ  
ꢀꢀꢀꢀꢀꢀꢀꢀRUꢀꢀꢀꢀꢀGLUHFWLRQꢀLQꢀRUGHUꢀWRꢀVWDUWꢀWKHꢀVHDUFKꢀIRUꢀDꢀUDGLRꢀVWDWLRQꢀDXWRPDWLFDOO\ꢂ  
ꢈꢍꢉꢁ3$,5ꢐꢁꢁꢁꢁꢁꢁ%87721  
,Qꢀ%OXHWRRWKꢀPHQXꢁꢀSUHVVꢀWKLVꢀEXWWRQꢀWRꢀXVHꢀWKHꢀ%OXHWRRWKꢀIXQFWLRQꢁꢀSOHDVHꢀUHIHUꢀWRꢀSDJHꢀꢋꢇꢂ  
ꢈꢎꢉꢁꢁꢁꢁꢁꢁꢁ%87721  
3UHVVꢀWKLVꢀEXWWRQꢀWRꢀLQVHUWꢀDQGꢀHMHFWꢀWKHꢀ'LVFꢂꢀ7KHꢀRSHUDWLQJꢀXQLWꢀVZLQJVꢀGRZQZDUGVꢂꢀ,QVHUWꢀWKHꢀ'LVFꢀZLWKꢀWKH  
ODEHOOHGꢀVLGHꢀIDFLQJꢀXSZDUGVꢀJHQWO\ꢀLQWRꢀWKHꢀ&'ꢀVORWꢀXQWLOꢀWKHꢀGHYLFHꢀGUDZVꢀLQꢀWKHꢀ&'ꢍ'9'ꢀDXWRPDWLFDOO\ꢂ  
7KHꢀRSHUDWLQJꢀXQLWꢀZLOOꢀDXWRPDWLFDOO\ꢀVZLQJꢀEDFNꢀWRꢀWKHꢀQRUPDOꢀSRVLWLRQꢂ  
ꢊꢏꢉꢁ5(6(7ꢁ%87721  
7KHꢀ5(6(7ꢀEXWWRQꢀLVꢀSODFHGꢀRQꢀWKHꢀKRXVLQJꢀDQGꢀPXVWꢀEHꢀDFWLYDWHGꢀZLWKꢀHLWKHUꢀDꢀEDOOSRLQWꢀSHQꢀRUꢀWKLQꢀPHWDOꢀREMHFWꢂꢀ  
7KHꢀ5(6(7ꢀEXWWRQꢀLVꢀWRꢀEHꢀDFWLYDWHGꢀIRUꢀWKHꢀIROORZLQJꢀUHDVRQVꢃ  
$ꢂꢀ,QLWLDOꢀLQVWDOODWLRQꢀRIꢀWKHꢀXQLWꢀZKHQꢀDOOꢀZLULQJꢀLVꢀFRPSOHWHGꢂ  
%ꢂꢀ$OOꢀWKHꢀIXQFWLRQꢀEXWWRQVꢀGRꢀQRWꢀRSHUDWHꢂ  
&ꢂꢀ(UURUꢀV\PEROꢀRQꢀWKHꢀGLVSOD\ꢂ  
ꢊꢈꢉꢁ,5  
6HQVRUꢀIRUꢀWKHꢀUHPRWHꢀFRQWUROꢂ  
ꢊꢊꢉꢁ$8;ꢁ,1ꢁ-DFN  
&RQQHFWꢀDQDORJꢀGHYLFHVꢀKHUHꢂꢀ8VHꢀWKLVꢀMDFNꢀWRꢀFRQQHFWꢀH[WHUQDOꢀHTXLSPHQWꢀVXFKꢀDVꢀ'9'ꢀSOD\HUVꢁꢀFRPSXWHUVꢁꢀHWFꢂ  
ꢌꢊꢂꢀ3OHDVHꢀFRQQHFWꢀWKHꢀH[WHUQDOꢀGHYLFHꢀZLWKꢀVWHUHRꢀMDFNꢀSOXJꢀWRꢀWKHꢀ$8;ꢀ,1ꢀVRFNHWꢂ  
ꢅꢊꢂꢀ3UHVVꢀWKHꢀ02'ꢀEXWWRQꢀWRꢀVHOHFWꢀWKHꢀ$8;ꢀ,1ꢀFRQQHFWLRQꢂ  
ꢇꢊꢂꢀ8VHꢀ92/ꢕꢍꢄꢀWRꢀDGMXVWꢀWKHꢀYROXPHꢀOHYHOꢂ  
ꢀꢀꢀꢋꢅꢂ  
ꢊꢄꢉꢁ03ꢄꢐ:0$ꢐ-3(*ꢐ03(*ꢋꢁ',6&ꢁ3/$<%$&.  
ꢌꢂꢀ:KHQꢀLQVHUWLQJꢀDQꢀ03ꢇꢍ:0$ꢍ-3(*ꢍ03(*ꢋꢀGLVFꢂ  
ꢀꢀꢀꢀ([ꢃꢀ:KHQꢀ03ꢇꢀILOHꢀLVꢀGHWHFWHGꢂ  
&XUUHQWꢀWUDFNꢀꢉILOHꢊꢉKLJKOLJKWHGꢀEDUꢊꢀꢂ  
&XUUHQWꢀWUDFNꢀꢉILOHꢊꢀQXPEHUꢍWRWDOꢀQXPEHUꢀRIꢀWUDFNVꢀꢉILOHVꢊꢀLQꢀWKHꢀFXUUHQWꢀ  
IROGHUꢂ  
(ODSVHGꢀSOD\LQJꢀWLPHꢀRIꢀWKHꢀFXUUHQWꢀWUDFN  
7RWDOꢀSOD\LQJꢀWLPHꢂꢀꢉQRWꢀDYDLODEOHꢀIRUꢀ-3(*ꢀGLVFꢊ  
6HOHFWHGꢀSOD\EDFNꢀPRGH  
2SHUDWLRQꢀPRGHꢀLFRQꢂꢀꢀŹꢀꢉ3OD\ꢊꢁꢀꢀꢀꢀꢀꢉVWRSꢊꢁꢀꢀꢀꢀꢉSDXVHꢊꢁꢀꢀꢀꢀꢀꢀꢉIRUZDUGꢊꢀ  
ꢀꢀꢀꢀꢀꢉUHYHUVHꢊꢂ  
,QꢀVWRSꢀPRGHꢁꢀXVHꢀŸꢍźꢍŹꢍŻꢀRQꢀWKHꢀUHPRWHꢀFRQWUROꢀWRꢀVHOHFWꢀWKHꢀLWHPꢀRUꢀIROGHUꢁꢀWKHQꢀSUHVVꢀ(17(5ꢀEXWWRQꢀWRꢀFRQILUPꢂ  
3UHVVLQJꢀ5(3($7ꢀEXWWRQꢀUHSHDWHGO\ꢀFDQꢀVHOHFWꢀWZRꢀNLQGVꢀRIꢀUHSHDWꢀSOD\ꢀPRGHꢂ  
ꢅꢂꢀ5(3ꢄ21(ꢃ  
ꢀꢀꢀꢀ3OD\ꢀWKHꢀVDPHꢀVRQJꢀRYHUꢀDQGꢀRYHUꢀDJDLQꢂ  
ꢇꢂꢀ5(3ꢄꢀ$//ꢃ  
ꢀꢀꢀꢀ3OD\ꢀDOOꢀVRQJVꢀLQꢀWKHꢀGLVFRYHUꢀDQGꢀRYHUꢀDJDLQꢂ  
ꢀꢀꢀꢀ,QꢀWKHꢀSOD\EDFNꢁꢀXVHꢀꢀꢀꢀꢀꢀRUꢀꢀꢀꢀꢀꢀWRꢀVNLSꢀDQꢀLWHPꢀDKHDGꢀRUꢀEDFNꢂ  
ꢀꢀꢀꢀ,QꢀWKHꢀSOD\EDFNꢁꢀVZLQJꢀWKHꢀ6(/ꢀNQREꢀLQꢀWKHꢀGLUHFWLRQꢀRIꢀꢀꢀꢀꢀꢍꢀꢀꢀꢀꢀEXWWRQꢀꢉPRUHꢀWKDQꢀꢅꢀVHFRQGVꢊꢀRQꢀWKHꢀIURQWꢀSDQHOꢀRUꢀVKRUWꢀ  
ꢀꢀꢀꢀSUHVVꢀꢀꢀꢀꢀꢍꢀꢀꢀꢀꢀRQꢀWKHꢀUHPRWHꢀFRQWUROꢀWRꢀUDSLGꢀIRUZDUGꢍUHYHUVHꢂ  
6FUROOꢁ&DSWLRQꢁ$GMXVWPHQW  
,QꢁUDGLRꢁPRGHꢀ  
<RXꢀFDQꢀDGMXVWꢀ\RXUꢀGHVLUHGꢀVFUROOꢀFDSWLRQꢁꢀWKHꢀPHWKRGꢀRIꢀWKHꢀRSHUDWLRQꢀDVꢀIROORZꢃ  
Dꢊꢂꢀ3UHVVꢀDQGꢀKROGꢀWKHꢀ6(783ꢀEXWWRQꢀꢉIRUꢀDERXWꢀꢅꢀVHFRQGVꢊꢀRQꢀWKHꢀUHPRWHꢀFRQWUROꢁꢀWKHꢀDGMXVWPHQWꢀVFUROOꢀEDUꢀZLOOꢀGLVSOD\ꢀRQꢀ  
ꢀꢀꢀꢀꢀVFUHHQꢂ  
Eꢊꢂꢀ8VHꢀWKHꢀ92/ꢕꢍꢄꢀWRꢀVHOHFWꢀDPRQJꢀRIꢀWKHꢀ³$ꢁꢀ%ꢁꢀ&ꢀꢂꢂꢂꢂ;ꢁꢀ<ꢀ=ꢁꢀDQGꢀEODQNꢀ´ꢁꢀDQGꢀXVHꢀWKHꢀꢀꢀꢀꢀꢀꢍꢀꢀꢀꢀꢀEXWWRQꢀRQꢀWKHꢀIURQWꢀSDQHOꢀWRꢀ  
ꢀꢀꢀꢀꢀDKHDGꢍEDFNꢀꢉDGGꢍFDQFHOꢊꢁꢀDQGꢀWKHQꢀSUHVVꢀWKHꢀ6(783ꢀEXWWRQꢀEULHIO\ꢀWRꢀFRQILUPꢂꢀꢉ3UHVVꢀWKHꢀ6(783ꢀEXWWRQꢀORQJHUꢀDJDLQꢀWRꢀ  
ꢀꢀꢀꢀꢀUHQHZꢂꢊ  
ꢊꢋꢉꢁ%/8(7227+ꢁ&$5ꢁ.,7ꢁ86(5ꢁ0$18$/  
ꢈꢉꢁ³3DLU´ꢁ7Rꢁ<RXUꢁ%OXHWRRWKꢁ3KRQH  
ꢀꢀꢀꢀ3ULRUꢀWRꢀXVLQJꢀWKHꢀ&DUꢀ.LWꢀIRUꢀWKHꢀILVWꢀWLPHꢁꢀ\RXꢀPXVWꢀSDLUꢀLWꢀZLWKꢀDꢀ%OXHWRRWKꢄHQDEOHGꢀPRELOHꢀKDQGVHWꢂꢀ7KHꢀIROORZLQJꢀVWHSVꢀ  
ꢀꢀꢀꢀGHVFULEHꢀSDLULQJꢀIRUꢀDꢀW\SLFDOꢀ%OXHWRRWKꢄHQDEOHGꢀPRELOHꢀKDQGVHWꢂ  
ꢀꢀꢁꢁꢈꢓꢁ3ODFHꢁWKHꢁ&DUꢁ.LWꢁDQGꢁPRELOHꢁKDQGVHWꢁQRꢁPRUHꢁWKDQꢁꢈꢁPHWHUꢁDSDUWꢉ  
ꢀꢀꢁꢁꢊꢓꢁ3XWꢁWKHꢁ&DUꢁ.LWꢁLQꢁSDLULQJꢁPRGHꢉ  
ꢀꢀꢀꢀꢀꢀꢀꢀ3UHVVꢀWKHꢀ32:(5ꢀEXWWRQꢀWRꢀWXUQꢀ21ꢁꢀWKHꢀꢀꢀꢀꢀꢀLFRQꢀZLOOꢀIODVKꢀRQꢀWKHꢀ7)7ꢀ3UHVVꢀDQGꢀKROGꢀWKHꢀ³3$,5ꢍꢀꢀꢀꢀꢀꢀꢀ´ꢀEXWWRQꢀXQWLOꢀWKHꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀZRUGꢀ³3$,5,1*ꢀ12:´ꢀGLVSOD\Vꢂꢀ  
ꢁꢁꢁꢁꢄꢓꢁ6HWꢁ\RXUꢁ%OXHWRRWKꢁSKRQHꢁWRꢁ³GLVFRYHU´ꢁWKHꢁ&DUꢁ.LWꢉ  
ꢀꢀꢀꢀꢀꢀꢀꢀ)ROORZLQJꢀ\RXUꢀSKRQH¶VꢀLQVWUXFWLRQꢀJXLGHꢀIRUꢀGHWDLOVꢁꢀDFWLYDWHꢀ\RXUꢀPRELOHꢀKDQGVHW¶Vꢀ%OXHWRRWKꢀIXQFWLRQꢁꢀWKHꢀKDQGVHWꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀVZLOOꢀVHDUFKꢀIRUꢀDFFHVVLEOHꢀ%OXHWRRWKꢀGHYLFHVꢂ  
ꢁꢁꢁꢁꢋꢓꢁ<RXUꢁSKRQHꢁZLOOꢁILQGꢁWKLVꢁ&DUꢁ.LWꢉ  
ꢁꢁꢁꢁꢁꢁꢁꢁ6HOHFWꢀWKLVꢀ&DUꢀ.LWꢀIURPꢀWKHꢀOLVWꢂ  
ꢁꢁꢁꢁꢃꢓꢁ(QWHUꢁSDVVZRUGꢁ³ꢍꢍꢍꢍ´ꢅꢁWKHQꢁSUHVVꢁ³2.´ꢁWRꢁSDLUꢁWKHꢁ&DUꢁ.LWꢁDQGꢁWKHꢁKDQGVHWꢅꢁWKHꢁZRUGꢁ³3$,5ꢁ2.ꢅꢁ3/($6(ꢁ  
ꢁꢁꢁꢁꢁꢁꢁꢁ&211(&7´ꢁZLOOꢁGLVSOD\ꢁLQꢁWKHꢁ7)7ꢁꢉ  
ꢁꢁꢁꢁꢌꢓꢁ6HOHFWꢁ³&211(&7´ꢁIURPꢁWKHꢁOLVWꢁRQꢁWKHꢁSKRQHꢅ  
ꢁꢁꢁꢁꢁꢁꢁꢁ,Iꢀ\RXꢀFRQQHFWꢀVXFFHVVIXOO\ꢁꢀWKHꢀꢀꢀLFRQꢀUHPDLQVꢀVROLGꢀRQꢀVFUHHQꢂ  
ꢀꢀꢀꢀꢀꢀꢁꢁ,PSRUWDQWꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀDꢂꢀ,IꢀWKHꢀSDLULQJꢀFDQQRWꢀEHꢀFRPSOHWHGꢀZLWKLQꢀDSSUR[LPDWHO\ꢀꢅꢀPLQXWHVꢁꢀZKLOHꢀWKHꢀSDLULQJꢀPRGHꢀLVꢀDFWLYDWHGꢁꢀ\RXꢀZLOOꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀQHHGꢀWRꢀUHDWWHPSWꢀSDLULQJꢀꢉVHHꢀVWHSVꢀꢅꢄꢎꢀDERYHꢊꢂ  
ꢀꢀꢀꢀꢀꢀꢀꢀEꢂꢀ$IWHUꢀSDLULQJꢀLVꢀFRPSOHWHGꢁꢀLIꢀWKHꢀꢀꢀꢀꢀꢀLFRQꢀLVꢀVWLOOLQJꢀIODVKꢀRQꢀVFUHHQꢁꢀSOHDVHꢀIROORZꢀWKHꢀVWHSVꢀWRꢀUHDWWHPSWꢀSDLULQJꢀꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀWKURXJKꢀ\RXUꢀKDQGVHWꢀXQWLOꢀWKHꢀꢀꢀꢀꢀꢀLFRQꢀUHPDLQVꢀVROLGꢀRQꢀVFUHHQꢂ  
ꢊꢉꢁ8VLQJꢁ7KHꢁ%OXHWRRWKꢁ&DUꢁ.LWꢉ  
ꢀꢀꢀꢀ2QFHꢀFRQQHFWLQJꢀLVꢀFRPSOHWHGꢁꢀ\RXꢀPD\ꢀDFFHVVꢀWKHꢀIROORZLQJꢀIXQFWLRQVꢂꢀ6RPHꢀRIꢀWKHꢀEHORZꢀPHQWLRQHGꢀIXQFWLRQVꢀDUHꢀ  
ꢀꢀꢀꢀRQO\ꢀDFFHVVLEOHꢀIRUꢀKDQGVHWVꢀVXSSRUWHGꢀZLWKꢀKDQGVꢄIUHHꢀSURILOHꢂ  
ꢀꢀꢀꢋꢇꢂ  
$QVZHUꢁDꢁFDOO  
$IWHUꢀ\RXꢀKHDUꢀWKHꢀULQJꢀWRQHꢀꢉWKHꢀLQFRPLQJꢀWHOHSKRQHꢀQXPEHUꢀZLOOꢀGLVSOD\ꢀRQꢀWKHꢀ7)7ꢀ/&'ꢊꢁꢀSUHVVꢀWKHꢀ³ꢀꢀꢀꢀꢀ´ꢀEXWWRQꢀEULHIO\ꢀRQ  
WKHꢀIURQWꢀSDQHOꢀWRꢀOLVWHQꢂꢀꢉ'XULQJꢀWDONLQJꢁꢀLIꢀ\RXꢀZDQWꢀWRꢀXVHꢀ\RXUꢀSKRQHꢀWRꢀOLVWHQꢁꢀSOHDVHꢀSUHVVꢀDJDLQꢂꢊ  
0DNHꢁDꢁFDOO  
3UHVVꢀDQGꢀKROGꢀWKHꢀ³ꢀꢀꢀꢀꢀ´ꢀEXWWRQꢀRQꢀWKHꢀIURQWꢀSDQHOꢀRUꢀUHPRWHꢀFRQWUROꢁꢀWKHꢀZRUGꢀ³',$/ꢀ180%(5´ꢀZLOOꢀGLVSOD\ꢁꢀWKHQꢀ\RXꢀGLDOꢀ  
WKHꢀQXPEHUꢀRQꢀWKHꢀUHPRWHꢀFRQWUROꢀDQGꢀSUHVVꢀEULHIO\ꢀWKHꢀ³ꢀꢀꢀꢀꢀ´ꢀEXWWRQꢀꢂ  
:KHQꢀ\RXꢀGLDOꢀWKHꢀZURQJꢀQXPEHUꢁꢀSUHVVꢀŻꢀWRꢀGHOHWHꢀLWꢂ  
(QGꢐ5HMHFWꢁDꢁFDOO  
,Qꢀ%OXHWRRWKꢀPHQXꢁꢀSUHVVꢀWKHꢀ³ꢀꢀꢀꢀꢀ´ꢀEXWWRQꢀEULHIO\ꢀRQꢀWKHꢀIURQWꢀSDQHOꢀRUꢀRQꢀWKHꢀUHPRWHꢀFRQWUROꢁꢀWKHꢀ7)7ꢀ/&'ꢀGLVSOD\Vꢀ³&$//ꢀ  
+22.('ꢍ&$//ꢀ(-(&7('´ꢂ  
5HGLDOꢁODVWꢁQXPEHU  
,Qꢀ%OXHWRRWKꢀPHQXꢁꢀSUHVVꢀDQGꢀKROGꢀWKHꢀ³ꢀꢀꢀꢀꢀ´ꢀEXWWRQꢀꢉDSSUR[LPDWHO\ꢀꢅꢀVHFRQGVꢊꢀRQꢀWKHꢀIURQWꢀSDQHOꢀRUꢀRQꢀWKHꢀUHPRWHꢀFRQWUROꢁꢀ  
WKHꢀ³',$/ꢀ/$67ꢀ&$//ꢍ',$/ꢀ287ꢀ12:ꢀ´ꢀZLOOꢀGLVSOD\ꢀRQꢀWKHꢀ7)7ꢀ/&'ꢂ  
$GMXVWꢁWKHꢁ9ROXPH  
'XULQJꢀFRQYHUVDWLRQꢀLQꢀSURJUHVVꢁꢀWXQHꢀWKHꢀ9ROXPHꢀVZLWFKꢀXQWLOꢀ\RXꢀUHDFKꢀWKHꢀGHVLUHGꢀYROXPHꢀOHYHOꢂ  
3OD\ꢁ03ꢄꢁ0XVLF  
,Qꢀ%OXHWRRWKꢀPHQXꢁꢀSUHVVꢀ02'ꢀWRꢀVHOHFWꢀWKHꢀ³%7ꢀ086,&´ꢁꢀ\RXꢀFDQꢀSOD\ꢀ03ꢇꢀIURPꢀ\RXUꢀPRELOHꢀKDQGVHWꢂꢀꢉ1RWHꢃꢀSOHDVHꢀPDNHꢀ  
VXUHꢀLWꢀVXSSRUWVꢀWKHꢀ%OXHWRRWKꢀ$ꢅ'3ꢀSURILOHꢂꢊ  
1RWHꢀ  
Dꢊꢂꢀ%HIRUHꢀXVLQJꢀ%OXHWRRWKꢁꢀSOHDVHꢀFKHFNꢀ\RXUꢀSKRQH¶VꢀLQVWUXFWLRQꢀJXLGHꢀRUꢀFRQWDFWꢀWKHꢀSKRQHꢀPDQXIDFWXUHUꢀLIꢀ\RXꢀDUHꢀQRWꢀ  
ꢀꢀꢀꢀꢀVXUHꢀLIꢀ\RXUꢀSKRQHꢀVXSSRUWVꢀWKHꢀKDQGVꢄIUHHꢀ%OXHWRRWKꢀIXQFWLRQꢂ  
Eꢊꢂꢀ:KHQꢀRSHUDWLQJꢀWKHꢀ%OXHWRRWKꢀIXQFWLRQꢁꢀ\RXꢀRQO\ꢀQHHGꢀWRꢀSDLUꢀRQHꢀWLPHꢂꢀ$IWHUZDUGVꢁꢀ\RXꢀRQO\ꢀQHHGꢀWRꢀZDLWꢀWKUHHꢀPLQXWHVꢂ  
Fꢊꢂꢀ,Iꢀ\RXꢀGRꢀQRWꢀZDQWꢀWRꢀXVHꢀ%OXHWRRWKꢁꢀ\RXꢀFDQꢀVHOHFWꢀ%OXHWRRWKꢀ2))ꢀꢉVHHꢀWKHꢀSDJHꢀꢌꢌꢊꢂ  
9LGHRꢁ4XDOLW\ꢁ$GMXVWPHQW  
3UHVVꢀ6(/ꢀEXWWRQꢀEULHIO\ꢀWRꢀF\FOHꢀWKURXJKꢀWKHꢀVRXQGꢍSLFWXUHꢀPRGHꢀVHOHFWLRQꢀPHQXꢀWRꢀVHOHFWꢀYROXPHꢁꢀEDVVꢁꢀWUHEOHꢁꢀEDODQFHꢁꢀ  
IDGHUꢁꢀFRORUꢁꢀEULJKWꢁꢀFRQWUDVWꢁꢀWLQWꢁꢀ%*ꢀFRORUꢀDQGꢀ%OXHWRRWKꢂꢀ7KHQꢀURWDWHꢀ92/ꢕꢀꢍꢀꢄꢀWRꢀDGMXVWꢀWKHꢀVHOHFWHGꢀPRGHꢂꢀ  
ꢉ7KHꢀFRUUHVSRQGLQJꢀYDOXHꢀZLOOꢀVKRZꢀRQꢀVFUHHQꢂꢊ  
9ROXPH  
7LQW  
%DVV  
7UHEOH %DODQFH  
%ULJKW  
)DGHU %OXHWRRWK  
%* &RORU  
&RQWUDVW  
&RORU  
$GMXVWDEOHꢁ,WHPVꢀ  
$GMXVWDEOHꢀ,WHPVꢃ  
&2/25ꢃꢀꢐꢀWRꢀꢇꢅ  
$GMXVWꢀWKHꢀFRORUꢀIRUꢀWKHꢀSLFWXUHꢂ  
%5,*+7ꢀꢐꢀWRꢀꢇꢅ  
$GMXVWꢀLIꢀWKHꢀSLFWXUHꢀLVꢀWRRꢀEULJKWꢀRUꢀWRRꢀGDUNꢂ  
&2175$67ꢀꢐꢀWRꢀꢇꢅ  
$GMXVWꢀWKHꢀFRQWUDVWꢂ  
7,17ꢀꢐꢀWRꢀꢇꢅ  
$GMXVWDEOHꢀZKHQꢀ³176&´ꢀLVꢀVHOHFWHGꢀLQꢀ³176&ꢍ3$/´  
5($5ꢁ9,(:ꢁ&$0(5$  
:KHQꢀFRQQHFWLQJꢀWKHꢀUHDUꢀYLHZꢀFDPHUDꢀWKHꢀPLUURUꢀLPDJHꢀRIꢀWKHꢀUHDUꢀYLHZꢀLVꢀDXWRPDWLFDOO\ꢀGLVSOD\HGꢀZKHQꢀVHOHFWLQJ  
UHYHUVHꢀJHDUꢀꢉPRQLWRUꢀRQO\ꢊꢂ  
127(ꢒIRUꢁWKHꢁEUDNHꢁIXQFWLRQꢓ  
,IꢀWKHꢀSDUNLQJꢀEUDNHꢀLVꢀQRWꢀHQJDJHGꢁꢀ³SDUNLQJꢀEUDNH´ꢀIODVKHVꢀRQꢀWKHꢀPRQLWRUꢁꢀDQGꢀQRꢀSOD\EDFNꢀSLFWXUHꢀZLOOꢀEHꢀVKRZQꢂ  
2QO\ꢀWKHꢀDXGLRꢀZLOOꢀEHꢀKHDUGꢂ  
ꢄꢀ7KLVꢀZDUQLQJꢀDSSHDUVꢀRQO\ꢀZKHQꢀWKHꢀSDUNLQJꢀEUDNHꢀZLUHꢀLVꢀFRQQHFWHGꢀWRꢀWKHꢀSDUNLQJꢀEUDNHꢀV\VWHPꢀEXLOWꢀLQꢀWKHꢀFDUꢂ  
ꢀꢀꢀꢋꢋꢂ  
ꢊꢃꢉꢁ86%ꢁ2SHUDWLRQ  
)ROORZLQJꢀWKHꢀGLDJUDPꢀEHORZꢁꢀFRQQHFWꢀ\RXUꢀ86%ꢀGHYLFHꢀWRꢀWKHꢀIURQWꢀSDQHOꢀ86%ꢀSRUWꢀꢉꢅꢇꢊꢂꢀ,IꢀLWꢀLVꢀSURSHUO\ꢀFRQQHFWHGꢁꢀWKHꢀGHYLFHꢀ  
VZLOOꢀEHꢀPRXQWHGꢀDQGꢀVWDUWꢀSOD\LQJꢀDXWRPDWLFDOO\ꢂ  
86%ꢀSRUW  
86%ꢀFRQQHFWꢀOLQH  
,Qꢁ86%ꢁ3OD\EDFNꢁPRGH  
ꢀꢀꢀꢀ8VHꢀWKHꢀ83ꢀ'2:1ꢁꢀ5,*+7ꢀRUꢀ/()7ꢀEXWWRQVꢀWRꢀQDYLJDWHꢀWRꢀDQGꢀVHOHFWꢀILOHVꢀWRꢀSOD\ꢁꢀDQGꢀSUHVVꢀ(17(5ꢀWRꢀEHJLQꢀSOD\EDFNꢀ  
ꢀꢀꢀꢀꢉRUꢀYLHZLQJꢁꢀLQꢀWKHꢀFDVHꢀRIꢀ-3(*ꢀILOHVꢊꢂꢀ7RꢀVNLSꢀWRꢀWKHꢀQH[WꢀRUꢀODVWꢀWUDFNꢁꢀSUHVVꢀWKHꢀRUꢀEXWWRQVꢂꢀ3UHVVꢀWKHꢀRUꢀEXWWRQVꢀIRUꢀ)DVW  
ꢀꢀꢀꢀ)RUZDUGꢀRUꢀ)DVWꢀ5HYHUVHꢀSOD\EDFNꢂꢀ5(3($7ꢀSOD\ꢀPRGHVꢀDUHꢀDOVRꢀDYDLODEOHꢀE\ꢀUHSHDWHGO\ꢀSXVKLQJꢀ5(3($7ꢀXQWLOꢀWKHꢀ  
ꢀꢀꢀꢀGHVLUHGꢀPRGHꢀLVꢀIRXQGꢂ  
&KDQJLQJꢁ)URPꢁ86%ꢁWRꢁ',6&ꢁ3OD\EDFNꢁ0RGHV  
ꢀꢀꢀꢀ,Iꢀ\RXꢀDUHꢀLQꢀ86%ꢀ3OD\EDFNꢀPRGHꢀDQGꢀZLVKꢀWRꢀEHJLQꢀSOD\EDFNꢀRIꢀDꢀGLVFꢀDOUHDG\ꢀLQꢀWKHꢀSOD\HUꢁꢀSUHVVꢀWKHꢀ6723ꢀEXWWRQꢀRQFHꢂꢀ  
ꢀꢀꢀꢀ7KHQꢀSUHVVꢀWKHꢀ*272ꢀEXWWRQꢀDQGꢀWKHꢀSOD\HUꢀZLOOꢀVZLWFKꢀWRꢀ'9'ꢍ9&'ꢍꢀ&'ꢍ03ꢇꢀ3OD\EDFNꢀPRGHꢂ  
&KDQJLQJꢁ)URPꢁ',6&ꢁWRꢁ86%ꢁ3OD\EDFNꢁ0RGHV  
ꢀꢀꢀꢀ,IꢀWKHꢀGLVFꢀSUHVHQWꢀLQꢀWKHꢀSOD\HUꢀLVꢀDQꢀ03ꢇꢀGLVFꢁꢀSUHVVꢀWKHꢀ6723ꢀEXWWRQꢀRQFHꢀDQGꢀSUHVVꢀWKHꢀ*272ꢀEXWWRQꢀWRꢀ86%ꢀSOD\EDFNꢂꢀ  
ꢀꢀꢀꢀ,IꢀWKHꢀGLVFꢀSUHVHQWꢀLQꢀWKHꢀSOD\HUꢀLVꢀDQꢀ'9'ꢀRUꢀ9&'ꢀRUꢀ&'ꢀGLVFꢁꢀSUHVVꢀWKHꢀ6723ꢀEXWWRQꢀWZLFHꢀDQGꢀSUHVVꢀWKHꢀ*272ꢀEXWWRQꢀWRꢀ  
ꢀꢀꢀꢀV86%ꢀSOD\EDFNꢂ  
,PSRUWDQWꢁ1RWHꢀ  
$ꢂꢀ72ꢀ35(9(17ꢀ'$0$*(ꢀ72ꢀ7+(ꢀ86%ꢀ'(9,&(ꢁꢀ'2ꢀ127ꢀ5(029(ꢀ25ꢀ',6&211(&7ꢀ,7ꢀ'85,1*ꢀ3/$<%$&.ꢂꢀ  
%ꢂꢀ,WꢀLVꢀDOVRꢀDꢀJRRGꢀSUDFWLFHꢀWRꢀUHPRYHꢀWKHꢀ86%ꢀGULYHꢀGXULQJꢀGLVFꢀSOD\EDFNꢂ  
2Qꢆ6FUHHQꢁ'LVSOD\ꢁ)XQFWLRQ  
3UHVVꢀWKHꢀ26'ꢀEXWWRQꢀGXULQJꢀSOD\EDFNꢀWRꢀGLVSOD\ꢀWKHꢀFRQWHQWVꢀRIꢀWKHꢀFXUUHQWꢀGLVFꢀRQꢀWKHꢀVFUHHQꢂ  
$ꢂꢀ([DPSOHꢀIRUꢀ'9'ꢃ  
ꢀꢀꢀꢀDꢂꢀ3UHVVꢀ26'ꢀIRUꢀWKHꢀILUVWꢀWLPHꢃ  
7,7/(ꢀ(/$36('  
77ꢀꢐꢌꢍꢐꢌꢀꢀꢀꢀꢀ&+ꢀꢐꢌꢍꢇꢓꢀꢀꢀꢀꢀꢀꢀꢀꢐꢃꢐꢅꢃꢐꢑ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀ7LWOHꢀ1XPEHUꢁꢀ7RWDOꢀ7LWOHꢀ1XPEHUꢁꢀ&KDSWHUꢀ1XPEHUꢁꢀ7RWDOꢀ&KDSWHUꢀ1XPEHUꢀRIꢀWKLVꢀ7LWOHꢀRIꢀWKHꢀGLVFꢀFXUUHQWO\ꢀEHLQJꢀSOD\HGꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀZLOOꢀEHꢀVKRZQꢀRQꢀWKHꢀVFUHHQꢁꢀDORQJꢀZLWKꢀWKHꢀHODSVHGꢀWLPHꢂ  
ꢀꢀꢀꢀEꢂꢀ3UHVVꢀ26'ꢀIRUꢀWKHꢀVHFRQGꢀWLPHꢃ  
7,7/(ꢀ5(0$,1  
77ꢀꢐꢌꢍꢐꢌꢀꢀꢀꢀꢀ&+ꢀꢐꢌꢍꢇꢓꢀꢀꢀꢀꢀꢀꢀꢀꢇꢃꢅꢋꢃꢇꢑ  
Fꢂꢀ3UHVVꢀ26'ꢀIRUꢀWKHꢀWKLUGꢀWLPHꢃ  
&+$37(5ꢀ(/$36('  
77ꢀꢐꢌꢍꢐꢌꢀꢀꢀꢀꢀ&+ꢀꢐꢌꢍꢇꢓꢀꢀꢀꢀꢀꢀꢀꢀꢐꢃꢐꢅꢃꢎꢑ  
Gꢂꢀ3UHVVꢀ26'ꢀIRUꢀWKHꢀIRXUWKꢀWLPHꢃ  
&+$37(5ꢀ5(0$,1  
77ꢀꢐꢌꢍꢐꢌꢀꢀꢀꢀꢀ&+ꢀꢐꢌꢍꢇꢓꢀꢀꢀꢀꢀꢀꢀꢀꢐꢃꢐꢋꢃꢇꢅ  
ꢀꢀꢀꢋꢎꢂ  
Hꢂꢀ3UHVVꢀ26'ꢀIRUꢀWKHꢀILIWKꢀWLPHꢃ  
ꢀꢀꢀꢀ7KHꢀPHVVDJHꢀRQꢀWKHꢀVFUHHQꢀZLOOꢀEHꢀFOHDUHGꢂ  
%ꢂꢀ([DPSOHꢀIRUꢀ9&'ꢍ69&'ꢍ&'ꢃ  
ꢀꢀꢀꢀꢀDꢂꢀ3UHVVꢀ26'ꢀIRUꢀWKHꢀILUVWꢀWLPHꢃ  
6,1*/(ꢀ(/$36('  
75$&.ꢀꢐꢌꢍꢌꢑꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢐꢐꢃꢋꢔ  
ꢀꢀꢀꢀꢀEꢂꢀ3UHVVꢀ26'ꢀIRUꢀWKHꢀVHFRQGꢀWLPHꢃ  
6,1*/(ꢀ5(0$,1  
75$&.ꢀꢐꢌꢍꢌꢑꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢐꢅꢃꢋꢎ  
ꢀꢀꢀꢀꢀFꢂꢀ3UHVVꢀ26'ꢀIRUꢀWKHꢀWKLUGꢀWLPHꢃ  
727$/ꢀ(/$36('  
75$&.ꢀꢐꢌꢍꢌꢑꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢐꢐꢃꢑꢐ  
ꢀꢀꢀꢀꢀVGꢂꢀ3UHVVꢀ26'ꢀIRUꢀWKHꢀIRXUWKꢀWLPHꢃ  
727$/ꢀ5(0$,1  
75$&.ꢀꢐꢌꢍꢌꢑꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢒꢓꢃꢋꢑ  
ꢀꢀꢀꢀꢀHꢂꢀ3UHVVꢀ26'ꢀIRUꢀWKHꢀILIWKꢀWLPHꢃ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀ7KHꢀPHVVDJHꢀRQꢀWKHꢀVFUHHQꢀZLOOꢀEHꢀFOHDUHGꢀIRUꢀ69&'ꢀDQGꢀ9&'ꢂ  
&ꢂꢀ([DPSOHꢀIRUꢀ03ꢇꢃ  
ꢀꢀꢀꢀꢀ(DFKꢀWLPHꢀ26'ꢀLVꢀSUHVVHGꢁꢀWKHꢀPHVVDJHꢀGLVSOD\HGꢀRQꢀVFUHHQꢀFKDQJHVꢀDVꢀIROORZVꢃ  
6,1*/(ꢀ(/$36('ꢀꢀꢀꢀꢀꢀꢀꢀꢀ6,1*/(ꢀ5(0$,1  
0XOWLꢆDXGLRꢁ/DQJXDJHꢁ)XQFWLRQꢁ)RUꢁ'9'ꢀ  
3UHVVꢀ$8',2ꢀGXULQJꢀSOD\EDFNꢂ  
(DFKꢀWLPHꢀWKHꢀEXWWRQꢀLVꢀSUHVVHGꢁꢀQXPEHUꢀRIꢀWKHꢀDXGLRꢀVRXQGWUDFNꢀODQJXDJHꢀFKDQJHVꢀRQꢀVHTXHQWLDOꢀRUGHUꢂ  
127(6ꢃ  
ꢄꢀ7KHꢀODQJXDJHꢀQXPEHUꢀLVꢀGLIIHUHQWꢀDFFRUGLQJꢀWRꢀWKHꢀGLVFꢂ  
ꢄꢀ6RPHꢀGLVFVꢀRQO\ꢀFRQWDLQꢀRQHꢀODQJXDJHꢀVRXQGWUDFN  
ꢄꢀ:KHQꢀQRꢀGLIIHUHQWꢀODQJXDJHꢀVRXQGWUDFNꢀLVꢀUHFRUGHGꢀꢀꢀꢀꢀꢀZLOOꢀEHꢀGLVSOD\HGꢀLQꢀWKHꢀWRSꢀOHIWꢀFRUQHUꢀRIꢀWKHꢀVFUHHQꢂ  
)RUꢁ9&'ꢐ&'ꢀ  
3UHVVꢀ$8',2ꢀGXULQJꢀSOD\EDFNꢂꢀ,WꢀLVꢀSRVVLEOHꢀWRꢀVZLWFKꢀWKHꢀVRXQGꢀEHWZHHQꢀPRQDXUDOꢀDQGꢀVWHUHRꢀVRXQGꢂ  
7LWOHꢁ0HQXꢁ)XQFWLRQꢁ)RUꢁ'9'ꢀ  
,IꢀWKHꢀ'9'ꢀKDVꢀPXOWLSOHꢀWLWOHVꢀUHFRUGHGꢀRQꢀWKHꢀGLVFꢀ\RXꢀFDQꢀVHOHFWꢀWKHꢀGHVLUHGꢀWLWOHꢀIURPꢀWKHꢀWLWOHꢀPHQXꢀWRꢀVWDUWꢀSOD\EDFNꢂ  
ꢄꢀ3UHVVꢀ7,7/(ꢁGXULQJꢀSOD\EDFNꢂꢀ7KHꢀWLWOHꢀPHQXꢀLVꢀGLVSOD\HGꢂ  
ꢄꢀ6HOHFWꢀWKHꢀGHVLUHGꢀWLWOHꢀZLWKꢀWKHꢀDUURZꢀEXWWRQVꢀDQGꢀFRQILUPꢀZLWKꢀ(17(5ꢂ  
)RUꢁ9&'ꢀ  
7,7/(ꢐ3%&ꢀ3UHVVꢀEXWWRQꢀRQꢀWKHꢀUHPRWHꢀFRQWUROꢀZKLOHꢀWKHꢀGLVFꢀLVꢀSOD\LQJꢁꢀ\RXꢀFDQꢀVZLWFKꢀEHWZHHQꢀꢗ3%&ꢀRQꢗꢀDQG  
ꢗ3%&ꢀRIIꢗꢀPRGHꢂ  
0XOWLꢆVXEWLWOHꢁ/DQJXDJHꢁ)XQFWLRQꢁꢒIRUꢁ'9'ꢁ2QO\ꢓ  
3UHVVꢀ68%7,7/(ꢀGXULQJꢀSOD\EDFNꢂ  
(DFKꢀWLPHꢀWKHꢀEXWWRQꢀLVꢀSUHVVHGꢁꢀQXPEHUꢀRIꢀWKHꢀVXEWLWOHꢀODQJXDJHꢀFKDQJHVꢀLQꢀVHTXHQWLDOꢀRUGHUꢂ  
1RWHVꢃ  
ꢄꢀ7KHꢀODQJXDJHꢀQXPEHUꢀLVꢀGLIIHUHQWꢀDFFRUGLQJꢀWRꢀWKHꢀGLVFꢂ  
ꢄꢀ6RPHꢀGLVFVꢀRQO\ꢀFRQWDLQꢀRQHꢀVXEWLWOHꢀODQJXDJHꢂ  
ꢄꢀ:KHQꢀQRꢀGLIIHUHQWꢀVXEWLWOHꢀODQJXDJHVꢀDUHꢀUHFRUGHGꢁꢀꢀꢀꢀꢀꢀꢀZLOOꢀEHꢀGLVSOD\HGꢀDWꢀVFUHHQꢀOHIWꢀWRSꢀFRUQHUꢂ  
ꢀꢀꢀꢋꢑꢂ  
6(783  
*(1(5$/ꢁ6(783  
ꢄꢄꢄꢀ*(1(5$/ꢀ3$*(ꢀꢄꢄꢄ  
ꢄꢄꢄꢄ*HQHUDOꢀVHWXSꢀSDJHꢄꢄꢄꢄ  
79ꢀ'LVSOD\  
/%  
$QJOHꢀ0DUN  
26'ꢀ/DQJ  
21  
(1*  
63',)ꢍ5$:  
21  
6SGLIꢀ2XWSXW  
&DSWLRQV  
6FUHHQꢀ6DYHU  
/DVWꢀ0HPRU\  
21  
21  
*Rꢀ7Rꢀ*HQHUDOꢀ6HWXSꢀ3DJH  
ꢌꢂꢀ3UHVVꢀ6(783ꢀEXWWRQꢀRQꢀWKHꢀUHPRWHꢀFRQWUROꢂ  
ꢅꢂꢀ7KHꢀ6(783ꢀPHQXꢀLVꢀGLVSOD\HGꢂ  
ꢇꢂꢀ6HOHFWꢀWKHꢀSUHIHUUHGꢀLWHPꢀE\ꢀXVLQJꢀWKHꢀŸꢍźꢍŻꢍŹꢀEXWWRQVꢂ  
ꢋꢂꢀ3UHVVꢀ(17(5ꢀEXWWRQꢂ  
ꢀꢀꢀꢀDꢂꢀ*(1(5$/ꢀ6(783  
ꢀꢀꢀꢀꢀꢀꢀꢀ7KLVꢀVHWXSꢀSDJHꢀLQFOXGHVꢀWKHꢀLWHPꢀRIꢀ79ꢀGLVSOD\ꢀ ꢀDXGLRꢀRXWSXWꢀIHDWXUHꢂ  
ꢀꢀꢀꢀꢀꢀꢀꢀ)RUꢀGHWDLOVꢀSOHDVHꢀUHIHUꢀWRꢀ*(1(5$/ꢁ6(783ꢁ0(18ꢉ  
ꢀꢀꢀꢀEꢂꢀ63($.(5ꢀ6(783  
ꢀꢀꢀꢀꢀꢀꢀꢀ7KLVꢀLVꢀWRꢀDFWLYDWHꢀWKHꢀDXGLRꢀRXWSXWꢀIURPꢀ'2/%<ꢀ$&ꢇꢀꢎꢂꢌꢀ'2:10,;ꢀWRꢀꢅꢀFKDQQHOꢀPRGHꢂꢀ3OHDVHꢀUHIHUꢀWR  
ꢀꢀꢀꢀꢀꢀꢀꢀ63($.(5ꢁ6(783ꢁ0(18ꢉ  
ꢀꢀꢀꢀFꢂꢀ'2/%<ꢀ',*,7$/ꢀ6(783  
ꢀꢀꢀꢀꢀꢀꢀꢀ3OHDVHꢀUHIHUꢀWRꢀ'2/%<ꢁ',*,7$/ꢁ6(783ꢉ  
ꢀꢀꢀꢀGꢂꢀ35()(5(1&(ꢀ6(783  
ꢀꢀꢀꢀꢀꢀꢀꢀ7KLVꢀVHWXSꢀSDJHꢀLQFOXGHVꢀDOOꢀWKHꢀFRQILJXUDWLRQꢀRIꢀVXSSRUWꢀIHDWXUHꢂ  
ꢀꢀꢀꢀꢀꢀꢀꢀ)RUꢀGHWDLOVꢀSOHDVHꢀUHIHUꢀWRꢀ35()(5(1&(6ꢁ6(783ꢁ0(18ꢉ  
ꢄꢄꢄꢄ*HQHUDOꢀVHWXSꢀSDJHꢄꢄꢄꢄ  
79ꢀ'LVSOD\  
$QJOHꢀ0DUN  
26'ꢀ/DQJ  
6SGLIꢀ2XWSXW  
&DSWLRQV  
1RUPDOꢍ36  
1RUPDOꢍ/%  
:LGH  
6FUHHQꢀ6DYHU  
/DVWꢀ0HPRU\  
6HWꢀ79ꢀ'LVSOD\ꢀ0RGH  
79ꢀ6FUHHQ  
9LGHR  
:LGHꢉꢌꢑꢃꢔꢊ  
0DWHULDO  
1RUPDO  
3DQꢀ6FDQ  
/HWWHUꢄER[  
ꢋꢀꢃꢀꢇ  
ꢀꢀꢀꢋꢒꢂ  
ꢈꢉꢁ79ꢁ',63/$<ꢁ6(783  
ꢀꢀꢀꢀ7KLVꢀLVꢀWRꢀVHOHFWꢀWKHꢀDSSURSULDWHꢀ79ꢀDVSHFWꢀꢉꢋꢃꢇꢀRUꢀꢌꢑꢃꢔꢊꢀDFFRUGLQJꢀWRꢀWKHꢀFRQQHFWHGꢀ79ꢀVHWꢂ  
ꢀꢀꢀꢀ1RUPDOꢐ36ꢁꢒ)RUꢁꢋꢀꢄꢁ79ꢓ  
ꢀꢀꢀꢀ3OD\EDFNꢀLQꢀ3$1ꢀ ꢀ6&$1ꢂ  
ꢀꢀꢀꢀꢉ,IꢀFRQQHFWHGꢀWRꢀZLGHꢄVFUHHQꢀ79ꢀWKHꢀOHIWꢀDQGꢀULJKWꢀHGJHVꢀDUHꢀFXWꢀRIIꢂꢊ  
ꢀꢀꢀꢀ1RUPDOꢐ/%ꢁꢒ)RUꢁꢋꢀꢄꢁ79ꢓ  
ꢀꢀꢀꢀ3OD\EDFNꢀLQꢀ/(77(5%2;ꢂ  
ꢀꢀꢀꢀꢉ,IꢀFRQQHFWHGꢀWRꢀZLGHꢄVFUHHQꢀ79ꢀEODFNꢀEDQGVꢀDSSHDUꢀDWꢀWRSꢀDQGꢀERWWRPꢀRIꢀWKHꢀVFUHHQꢂꢊ  
ꢀꢀꢀꢀ:LGHꢁꢒ)RUꢁꢈꢌꢀꢎꢁ79ꢓ  
ꢀꢀꢀꢀ6HOHFWꢀZKHQꢀDꢀZLGHꢄVFUHHQꢀ79ꢀVHWꢀLVꢀFRQQHFWHGꢂ  
ꢄꢄꢄꢄꢄ*HQHUDOꢀVHWXSꢀSDJHꢄꢄꢄꢄ  
79ꢀ'LVSOD\  
$QJOHꢀ0DUN  
26'ꢀ/DQJ  
21  
2))  
6SGLIꢀ2XWSXW  
&DSWLRQV  
6FUHHQꢀ6DYHU  
/DVWꢀ0HPRU\  
6HWꢀ$QJOHꢀ0DUN  
ꢊꢉꢁ$1*/(ꢁ0$5.ꢁ',63/$<ꢁ6(783  
ꢀꢀꢀꢀꢀ,IꢀLWꢀLVꢀVHWꢀWRꢀ21ꢁꢀZKHQꢀWKHꢀPXOWLꢄDQJOHꢀ'9'ꢀGLVFꢀLVꢀSOD\LQJꢁꢀꢀꢀꢀꢀꢀꢀꢀꢀꢉWKHꢀDQJOHꢀPDUNꢊꢀZLOOꢀDSSHDUꢀRQꢀWKHꢀVFUHHQꢆꢀLIꢀLV  
ꢀꢀꢀꢀꢀVHWꢀWRꢀ2))ꢀWKHꢀPDUNꢀZLOOꢀQRWꢀDSSHDUꢂ  
ꢄꢄꢄꢄ*HQHUDOꢀVHWXSꢀSDJHꢄꢄꢄꢄ  
79ꢀ'LVSOD\  
$QJOHꢀ0DUN  
26'ꢀ/DQJ  
(QJOLVK  
)UHQFK  
6SGLIꢀ2XWSXW  
&DSWLRQV  
*HUPDQ  
6SDQLVK  
,WDOLDQ  
6FUHHQꢀ6DYHU  
/DVWꢀ0HPRU\  
3RUWXJXHVH  
6HWꢀ26'ꢀ/DQJXDJH  
ꢄꢉꢁ26'ꢁ/$1*ꢁ7<3(ꢁ6(783  
ꢀꢀꢀꢀ6HOHFWꢀWKHꢀSUHIHUUHGꢀ26'ꢀODQJXDJHꢀE\ꢀXVLQJꢀWKHꢀŸꢍźꢀEXWWRQVꢂ  
ꢀꢀꢀꢋꢓꢂ  
ꢄꢄꢄꢄ*HQHUDOꢀVHWXSꢀSDJHꢄꢄꢄꢄ  
79ꢀ'LVSOD\  
$QJOHꢀ0DUN  
2VGꢀ/DQJ  
63',)ꢀ2))  
63',)ꢍ5$:  
63',)ꢍ3&0  
6SGLIꢀ2XWSXW  
&DSWLRQV  
6FUHHQꢀ6DYHU  
/DVWꢀ0HPRU\  
6HWXSꢀ63',)  
ꢋꢉꢁ63',)ꢁ287387  
ꢀꢀꢀꢀ7KLVꢀLVꢀWRꢀDFWLYDWHꢀWKHꢀDXGLRꢀRXWSXWꢀIURPꢀ63',)ꢀ2))ꢀPRGHꢀWRꢀ63',)ꢍ5$:ꢀPRGHꢀWRꢀ63',)ꢍ3&0ꢀPRGHꢂ  
ꢄꢄꢄꢄ*HQHUDOꢀVHWXSꢀSDJHꢄꢄꢄꢄ  
79ꢀ'LVSOD\  
$QJOHꢀ0DUN  
26'ꢀ/DQJ  
21  
6SGLIꢀ2XWSXW  
&DSWLRQV  
2))  
6FUHHQꢀ6DYHU  
/DVWꢀ0HPRU\  
&ORVHGꢀ&DSWLRQ  
ꢃꢉꢁ&$37,216ꢁ6(783  
ꢀꢀꢀꢀ$FWLYDWHꢀWKHꢀ&$37,216ꢀIHDWXUHꢀE\ꢀVHOHFWLQJꢀ21ꢂꢀ$QGꢀUHOHDVHꢀWKLVꢀIHDWXUHꢀE\ꢀVHOHFWLQJꢀ2))  
ꢄꢄꢄꢄ*HQHUDOꢀVHWXSꢀSDJHꢄꢄꢄꢄ  
79ꢀ'LVSOD\  
$QJOHꢀ0DUN  
26'ꢀ/DQJ  
6SGLIꢀ2XWSXW  
&DSWLRQV  
21  
6FUHHQꢀ6DYHU  
/DVWꢀ0HPRU\  
2))  
6FUHHQꢀ6DYHU  
ꢀꢀꢀꢋꢔꢂ  
ꢌꢉꢁ6&5ꢁ6$9(5ꢁ6(783  
ꢀꢀꢀꢀ6HOHFWꢀWKHꢀ6&5ꢀ6$9(5ꢀRXWSXWꢀ21ꢍ2))  
ꢄꢄꢄꢄ*HQHUDOꢀVHWXSꢀSDJHꢄꢄꢄꢄ  
79ꢀ'LVSOD\  
$QJOHꢀ0DUN  
26'ꢀ/DQJ  
6SGLIꢀ2XWSXW  
&DSWLRQV  
6FUHHQꢀ6DYHU  
/DVWꢀ0HPRU\  
21  
2))  
6HWꢀ/DVWꢀ0HPRU\ꢀ6WDWH  
ꢂꢉꢁ/$67ꢁ0(025<ꢁ6(783  
ꢀꢀꢀꢀ6HOHFWꢀWKHꢀ/$67ꢀ0(025<ꢀRXWSXWꢀ21ꢍ2))  
63($.(5ꢁ6(783  
ꢄꢄꢄꢀ63($.(5ꢀ6(783ꢀ3$*(ꢀꢄꢄꢄ  
ꢄꢄꢄꢄ6SHDNHUꢀ6HWXSꢀ3DJHꢄꢄꢄꢄ  
'2:10,;  
/7ꢍ57  
67(5(2  
6HWꢀ'RZQPL[ꢀ0RGH  
7KLVꢀLVꢀWRꢀDFWLYDWHꢀWKHꢀDXGLRꢀRXWSXWꢀIURPꢀ'2/%<$&ꢇꢀꢎꢂꢌꢀ'2:10,;ꢀWRꢀꢅꢀFKDQQHOꢀPRGHꢂꢀ6HOHFWꢀWKHꢀSUHIHUUHGꢀ63($.(5  
FRQQHFWLRQꢀE\ꢀXVLQJꢀWKHꢀFXUVRUꢀEXWWRQVꢂ  
6HOHFWꢀ/7ꢍ57ꢀWRꢀDFWLYDWHꢀWKHꢀ'ROE\ꢀVXUURXQGꢀFRPSDWLEOHꢀRXWSXWꢂ  
6HOHFWꢀ67(5(2ꢀWRꢀDFWLYDWHꢀVLPSOHꢀVWHUHRꢀPRGHꢂ  
'2/%<ꢁ',*,7$/ꢁ6(783  
ꢄꢄꢄꢄ'ROE\ꢀ'LJLWDOꢀ6HWXSꢄꢄꢄ  
)8//  
ꢑꢍꢓ  
'<1$0,&  
ꢋꢍꢓ  
ꢅꢍꢓ  
2))  
6HWꢀ'5&ꢀ2))  
ꢀꢀꢀꢎꢐꢂ  
'<1$0,&ꢁ5$1*(ꢁ&21752/  
6HOHFWꢀ'5&ꢀDQGꢀDGMXVWꢀWKHꢀG\QDPLFꢀUDQJHꢀRIꢀDꢀ'RE\ꢀ'LJLWDOꢀHQFRGHGꢀSURJUDPꢂꢀ7KHUHꢀDUHꢀꢓꢀVWHSVꢀEHWZHHQꢀIXOO  
FRPSUHVVLRQꢀDQGꢀRIIꢀFRPSUHVVLRQꢂ  
35()(5(1&(6ꢁ6(783  
ꢄꢄꢄꢀ35()(5(1&(6ꢀ3$*(ꢀꢄꢄꢄ  
ꢄꢄꢄꢄ3UHIHUHQFHꢀ3DJHꢄꢄꢄꢄ  
3$/  
79ꢀ7\SH  
$XGLR  
$872  
176&  
6XEWLWOH  
'LVFꢀ0HQX  
3DUHQWDO  
3DVVZRUG  
'HIDXOW  
6HWꢀ79ꢀVWDQGDUG  
ꢈꢉꢁ79ꢁ7<3(ꢁ6(783  
ꢀꢀꢀꢀ7KLVꢀSOD\HUꢀFDQꢀSOD\ꢀGLVFVꢀUHFRUGHGꢀLQꢀHLWKHUꢀ3$/ꢀRUꢀ176&ꢀIRUPDWꢂꢀ6HOHFWꢀ176&ꢀIRUPDWꢁꢀZKHQꢀ\RXꢀFRQQHFWꢀWR  
ꢀꢀꢀꢀ176&ꢀ79ꢀ6HOHFWꢀ3$/ꢀIRUPDWꢁꢀZKHQꢀ\RXꢀFRQQHFWꢀWRꢀ3$/ꢀ79ꢂꢀ6HOHFWꢀ$872ꢀIRUPDWꢀIRUꢀWKHꢀSOD\HUꢀDXWRPDWLFDOO\ꢀWR  
ꢀꢀꢀꢀVHOHFWꢀWKHꢀIRUPDWꢂ  
ꢄꢄꢄꢄ3UHIHUHQFHꢀ3DJHꢄꢄꢄꢄ  
79ꢀ7\SH  
(QJOLVK  
$XGLR  
)UHQFK  
6XEWLWOH  
6SDQLVK  
'LVFꢀ0HQX  
*HUPDQ  
3DUHQWDO  
,WDOLDQ  
3DVVZRUG  
3RUWXJXHVH  
'HIDXOW  
3UHIHUUHGꢀ$XGLRꢀ/DQJXDJH  
ꢀꢀꢀꢎꢌꢂ  
ꢊꢉꢁ$8',2ꢁ/$1*8$*(ꢁ6(783  
ꢀꢀꢀꢀ6HOHFWꢀWKHꢀSUHIHUUHGꢀ$8',2ꢀVRXQGWUDFNꢀE\ꢀXVLQJꢀWKHꢀFXUVRUꢀEXWWRQVꢂ  
ꢄꢄꢄꢄ3UHIHUHQFHꢀ3DJHꢄꢄꢄꢄ  
79ꢀ7\SH  
$XGLR  
(QJOLVK  
)UHQFK  
6SDQLVK  
*HUPDQ  
,WDOLDQ  
6XEWLWOH  
'LVFꢀ0HQX  
3DUHQWDO  
3DVVZRUG  
'HIDXOW  
3RUWXJXHVH  
2))  
3UHIHUUHGꢀ6XEWLWOHꢀ/DQJXDJH  
ꢄꢉꢁ68%7,7/(ꢁ/$1*8$*(ꢁ6(783  
ꢁꢁꢁꢁ6HOHFWꢀWKHꢀSUHIHUUHGꢀ68%7,7/(ꢀODQJXDJHꢀE\ꢀXVLQJꢀWKHꢀFXUVRUꢀEXWWRQVꢂ  
ꢄꢄꢄꢄ3UHIHUHQFHꢀ3DJHꢄꢄꢄꢄ  
79ꢀ7\SH  
(QJOLVK  
)UHQFK  
$XGLR  
6XEWLWOH  
'LVFꢀ0HQX  
3DUHQWDO  
3DVVZRUG  
'HIDXOW  
6SDQLVK  
*HUPDQ  
,WDOLDQ  
3RUWXJXHVH  
3UHIHUUHGꢀ0HQXꢀ/DQJXDJH  
ꢋꢉꢁ',6&ꢁ0(18ꢁ/$1*8$*(ꢁ6(783  
ꢀꢀꢀꢀ6HOHFWꢀWKHꢀSUHIHUUHGꢀ',6&ꢀ0(18ꢀODQJXDJHꢀE\ꢀXVLQJꢀWKHꢀFXUVRUꢀEXWWRQVꢂ  
ꢀꢀꢀꢎꢅꢂ  
ꢄꢄꢄꢄ3UHIHUHQFHꢀ3DJHꢄꢄꢄꢄ  
ꢌ.,'ꢀ6$)  
ꢅ*  
79ꢀ7\SH  
$XGLR  
ꢇ3*  
6XEWLWOH  
'LVFꢀ0HQX  
3DUHQWDO  
3DVVZRUG  
'HIDXOW  
ꢋ3*ꢌꢇ  
ꢎ3*5  
ꢑ5  
ꢒ1&ꢀꢌꢒ  
ꢓꢀ$'8/7  
2))  
6HWꢀ3DUHQWDOꢀ&RQWURO  
ꢃꢉꢁ3$5(17$/  
ꢀꢀꢀꢀ6HOHFWꢀVXLWDEOHꢀSDUHQWDOꢀJXLGDQFHꢀE\ꢀWKHꢀFXUVRUꢀEXWWRQVꢀDQGꢀFRQIRUPꢀE\ꢀSUHVVLQJꢀ(17(5ꢀEXWWRQꢂ  
ꢄꢄꢄꢄ3UHIHUHQFHꢀ3DJHꢄꢄꢄꢄ  
79ꢀ7\SH  
$XGLR  
6XEWLWOH  
'LVFꢀ0HQX  
3DUHQWDO  
&+$1*(  
3DVVZRUG  
'HIDXOW  
&KDQJHꢀ3DVVZRUG  
ꢌꢉꢁ3$66:25'  
ꢀꢀꢀꢀ6HOHFWꢀFKDQJHꢀDQGꢀSUHVVꢀ(17(5ꢂꢀ(QWHUꢀWKHꢀROGꢀSDVVZRUGꢀꢉIDFWRU\ꢀVHWWLQJꢀLVꢀꢌꢇꢒꢔꢊꢂꢀ1RZꢀHQWHUꢀ\RXUꢀQHZꢀꢋꢄGLJLW  
ꢀꢀꢀꢀSDVVZRUGꢁꢀUHꢄHQWHUꢀIRUꢀFRQILUPDWLRQꢂ  
ꢄꢄꢄꢄ3UHIHUHQFHꢀ3DJHꢄꢄꢄꢄ  
79ꢀ7\SH  
$XGLR  
6XEWLWOH  
'LVFꢀ0HQX  
3DUHQWDO  
3DVVZRUG  
5(6(7  
'HIDXOW  
/RDGꢀ)FDWRU\ꢀ6HWWLQJ  
ꢀꢀꢀꢎꢇꢂ  
ꢂꢉꢁ'()$8/7  
ꢀꢀꢀꢀ6HOHFWꢀUHVHWꢀIRUꢀLQLWLDOꢀIDFWRU\ꢀVHWWLQJVꢂ  
'()$8/76ꢁ7$%/(  
79ꢀ',63/$<  
1250$/ꢍ/%  
21  
$1*/(ꢀ0$5.  
26'ꢀ/$1*8$*(  
63',)ꢀ28387  
&$37,216  
*(50$1  
63',)ꢍ5$0  
21  
*(1(5$/ꢀ6(783  
6&5ꢀ6$9(5  
/$67ꢀ0(025<  
'2:10,;  
21  
21  
67(5(2  
2))  
63($.(5ꢀ6(783  
'2/%<ꢀ',*,7$/  
'<1$0,&  
79ꢀ7<3(  
$8',2  
$872  
*(50$1  
68%7,7/(  
2))  
35()(5(1&(6  
',6&ꢀ0(18  
3$5(17$/  
3$66:25'  
*(50$1  
ꢓꢀ(5:$&+6(1(  
ꢌꢇꢒꢔ  
ꢀꢀꢀꢎꢋꢂ  
63(&,),&$7,21  
6XSSO\ꢀ9ROWDJHꢃꢀꢀ  
ꢌꢅ9ꢀ'&ꢀꢉꢌꢌ9ꢄꢌꢎ9ꢊ  
&XUUHQWꢀ&RQVXPSWLRQꢃꢀꢀꢀ  
/HVVꢀWKDQꢌꢐꢀ$  
6LJQDOꢀ6\VWHPꢃꢀꢀ  
'LVFVꢀ3OD\HGꢃꢀ  
&RPSRVLWLYHꢀYLGHRꢀꢌꢂꢐ9SꢄSꢀꢒꢎȍ  
ꢉꢌꢊꢀ'9'ꢄ9,'(2ꢀ'LVF  
ꢀꢀꢀꢀꢀꢎꢗꢉꢌꢅꢀFPꢊꢀVLQJOHꢄVLGHGꢁꢀVLQJOHꢄOD\HUꢁ  
ꢀꢀꢀꢀꢀꢎꢗꢉꢌꢅꢀFPꢊꢀVLQJOHꢄVLGHGꢁꢀGRXEOHꢄOD\HU  
ꢉꢅꢊꢀ&RPSDFWꢀ'LVFꢀ  
ꢀꢀꢀꢀꢀꢉ&'ꢄ'$ꢁꢀ9,'(2ꢀ&'ꢊꢀꢎꢗꢉꢌꢅFPꢊꢀGLVF  
ꢅFK ꢋFKꢀOLQHꢀRXW  
$XGLRꢀ6LJQDOꢀ2XWSXWꢃꢀꢀ   
&KDUDFWHULVWLFVꢃꢀꢀ  
ꢉꢌꢊꢀ)UHTXHQF\ꢀ5HVSRQVHꢀꢀ  
ꢅꢐꢀ+]ꢀꢄꢀꢅꢐꢀ.+]  
ꢉꢅꢊꢀ6ꢍ1ꢀ5DWLRꢀ  
ꢔꢐꢀG%ꢀꢉ-,6ꢊ  
ꢉꢇꢊꢀ:RZꢀDQGꢀ)OXWWHUꢀꢀ  
%HORZꢀPHDVXUDEOHꢀOLPLWV  
)0  
)UHTXHQF\ꢀ&RYHUDJHꢃꢀ  
ꢓꢒꢂꢎꢀWRꢀꢌꢐꢓꢀ0+]  
ꢌꢐꢂꢒꢀ0+]  
ꢌꢎꢀG%X  
,)ꢃꢀꢀ  
6HQVLWLYLW\ꢀꢉ6ꢍ1ꢀ ꢀꢇꢐꢀG%ꢊꢃꢀꢀ  
$0  
)UHTXHQF\ꢀ&RYHUDJHꢃꢀ   
,)ꢃꢀꢀ  
ꢎꢅꢎꢀWRꢀꢌꢑꢌꢎꢀ.+]  
ꢋꢎꢐꢀ.+]  
6HQVLWLYLW\ꢀꢉ6ꢍ1ꢀ ꢀꢅꢐꢀG%ꢊꢃꢀꢀ  
0RQLWRUꢀ6FUHHQꢀ6L]Hꢃꢀꢀ   
ꢋꢐꢀG%X  
ꢅꢂꢎꢀ,QFKꢀ:LGH  
ꢔꢑꢐꢀ;ꢀꢅꢇꢋꢀSL[HOV  
176&ꢍ3$/  
1XPEHUꢀRIꢀ3L[HOVꢃꢀ  
&RORUꢀ6\VWHPꢃꢀꢀ  
%OXHWRRWKꢀVSHFLILFDWLRQꢃꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ9ꢌꢂꢅꢀ&ODVVꢀꢅ  
%OXHWRRWKꢀSURILOHꢀVXSSRUWHGꢃꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ+HDGVHWꢁꢀKDQGVꢀIUHHꢀDQGꢀ$ꢅ'3ꢀSURILOHV  
5DQJHꢀRIꢀIUHTXHQF\ꢃꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢅꢂꢋ*+]ꢀVSHFWUXP  
127(ꢃꢀ6SHFLILFDWLRQVꢀDQGꢀGHVLJQꢀDUHꢀVXEMHFWꢀWRꢀPRGLILFDWLRQꢁꢀZLWKRXWꢀQRWLFHꢁꢀGXHꢀWRꢀLPSURYHPHQWVꢀLQꢀWHFKQRORJ\ꢂ  
ꢀꢀꢀꢎꢎꢂ  
7528%/(ꢁ6+227,1*  
%HIRUHꢀJRLQJꢀWKURXJKꢀWKHꢀFKHFNꢀOLVWꢁꢀFKHFNꢀZLULQJꢀFRQQHFWLRQꢂꢀ,IꢀDQ\ꢀRIꢀWKHꢀSUREOHPVꢀSHUVLVWꢀDIWHUꢀFKHFNꢀOLVWꢀKDVꢀEHHQ  
PDGHꢁꢀFRQVXOWꢀ\RXUꢀQHDUHVWꢀVHUYLFHꢀGHDOHUꢂ  
6<03720  
&$86(  
62/87,21  
,IꢀWKHꢀSRZHUꢀVXSSO\ꢀLVꢀSURSHUO\  
FRQQHFWHGꢀWRꢀWKHꢀFDUꢀDFFHVVRU\ꢀWHUPLQDOꢁ  
VZLWFKꢀWKHꢀLJQLWLRQꢀNH\ꢀWRꢀꢗ$&&ꢗ  
7KHꢀFDUꢀLJQLWLRQꢀVZLWFKꢀLVꢀQRWꢀRQ  
1RꢀSRZHU  
7KHꢀIXVHꢀLVꢀEORZQ  
5HSODFHꢀWKHꢀIXVH  
5HPRYHꢀWKHꢀGLVFꢀLQꢀWKHꢀSOD\HUꢁꢀWKHQꢀSXW  
DꢀQHZꢀRQH  
3UHVHQFHꢀRIꢀGLVFꢀLQVLGHꢀWKHꢀSOD\HUꢂ  
,QVHUWLQJꢀWKHꢀGLVFꢀLQꢀUHYHUVH  
GLUHFWLRQ  
,QVHUWꢀWKHꢀFRPSDFWꢀGLVFꢀZLWKꢀWKHꢀODEHO  
IDFLQJꢀXSZDUG  
'LVFꢀFDQꢀQRWꢀEH  
ORDGHGꢀRUꢀHMHFWHG  
7KHꢀGLVFꢀLVꢀH[WUHPHO\ꢀGLUW\ꢀRU  
GHIHFWLYH  
&OHDQꢀWKHꢀGLVFꢀRUꢀWU\ꢀWRꢀSOD\ꢀDꢀQHZꢀRQH  
7HPSHUDWXUHꢀLQVLGHꢀWKHꢀFDUꢀLV  
WRRꢀKLJK  
&RROꢀRIIꢀRUꢀXQWLOꢀWKHꢀDPELHQWꢀWHPSHUDWXUH  
UHWXUQꢀWRꢀQRUPDO  
7HOHYLVLRQꢍYLGHR  
LPDJHDSSHDUV  
EODFNꢄZKLWH  
3OHDVHꢀVZLWFKꢀWRꢀFRUUHFWꢀFRORUꢀV\VWHP  
IURPꢀPHQX  
7KHꢀFRORUꢀV\VWHPꢀLVꢀVHWꢀLQFRUUHFWO\  
7KHꢀXQLWꢀLVꢀQRWꢀFRQQHFWHGꢀWRꢀWKH  
SDUNLQJꢀEUDNHꢀGHWHFWLRQꢀVZLWFK  
0DNHꢀSURSHUꢀFRQQHFWLRQꢀDFFRUGLQJꢀWR  
³ZLUHꢀFRQQHFWLRQ´  
1RꢀWHOHYLVLRQꢍYLGHR  
LPDJHꢀDSSHDUV  
)RUꢀVDIHW\ꢀUHDVRQVꢀQRꢀWHOHYLVLRQꢀꢍYLGHR  
LPDJHVꢀDUHꢀGLVSOD\HGꢀZKLOHꢀWKHꢀYHKLFOH  
7KHꢀSDUNLQJꢀEUDNHꢀLVꢀQRWꢀHQJDJHG LVꢀPRYLQJꢂ  
(QJDJLQJꢀWKHꢀSDUNLQJꢀEUDNHꢀZLOOꢀFDXVH  
LPDJHVꢀWRꢀEHꢀGLVSOD\HGꢂ  
7KHꢀGLVFꢀIRUPDWꢀLVꢀQRWꢀDFFRUGLQJWR  
WKHꢀ79ꢄVHWꢀXVHGꢀꢉ3$/ꢍ176&ꢊ  
1RꢀFRORUꢀLQꢀSLFWXUH  
&KDQJHꢀ79ꢀPRGHꢀVHWWLQJ  
1Rꢀ-3(*ꢀILOHVꢀDUHꢀUHFRUGHGꢀRQ  
WKHꢀGLVFꢂ  
&KDQJHꢀWKHꢀGLVF  
-3(*ꢀGLVFꢀFDQ  
QRWꢀEHꢀSOD\HGꢀEDFN  
-3(*ꢀILOHVꢀDUHꢀQRWꢀUHFRUGHGꢀLQꢀD  
FRPSOLDQWꢀIRUPDWꢂ  
&KDQJHꢀWKHꢀGLVFꢀ5HFRUGꢀ-3(*ꢀILOHV  
XVLQJꢀDꢀFRPSOLDQWꢀDSSOLFDWLRQ  
3UHVVꢀWKHꢀ5(6(7ꢀEXWWRQꢂ  
)URQWꢀSDQHOꢀLVꢀQRWꢀSURSHUO\ꢀIL[HGꢀLQWRꢀLWV  
SODFH  
7KHꢀEXLOWꢄLQꢀPLFURFRPSXWHUꢀLVꢀQRW  
RSHUDWLQJꢀSURSHUO\ꢀGXHꢀWRꢀQRLVH  
7KHꢀRSHUDWLRQꢀNH\V  
GRꢀQRWꢀZRUN  
7KHꢀDQWHQQDꢀFDEOHꢀLVꢀQRW  
FRQQHFWHG  
,QVHUWꢀWKHꢀDQWHQQDꢀFDEOHꢀILUPO\  
6HOHFWꢀDꢀVWDWLRQꢀPDQXDOO\  
7KHꢀUDGLRꢀGRHV  
QRWꢀZRUN  
7KHꢀVLJQDOVꢀDUHꢀWRRꢀZHDN  
ꢀꢀꢀꢎꢑꢂ  
*8$5$17((ꢁ$1'ꢁ&86720(5ꢁ6(59,&(  
%HIRUHꢀGLVWULEXWLRQꢁꢀRXUꢀDSSOLDQFHVꢀXQGHUJRꢀDꢀVWULFWꢀTXDOLW\ꢀFRQWUROꢂꢀ+RZHYHUꢀGHVSLWHꢀDOOꢀWKHꢀFDUHꢁꢀVKRXOGꢀWKHꢀSURGXFW  
VXIIHUꢀGDPDJHꢀLQꢀWKHꢀSURGXFWLRQꢀRUꢀWUDQVSRUWꢀSKDVHꢁꢀSOHDVHꢀFRQWDFWꢀWKHꢀ(OWDꢀFXVWRPHUꢀVHUYLFHꢀLQꢀ*HUPDQ\ꢃ  
ꢐꢌꢓꢐꢎꢍꢇꢎꢎꢋꢑꢐꢀꢉꢐꢁꢌꢅꢀ(85ꢍ0LQꢊꢂꢀ8QGHUꢀWKHꢀODZIXOꢀXVHUꢀJXDUDQWHHꢁꢀWKHꢀFRQVXPHUꢀKDVꢁꢀDIWHUꢀKLVꢀVHOHFWLRQꢁꢀWKHꢀIROORZLQJ  
JXDUDQWHHꢃꢀIRUꢀWKHꢀSXUFKDVHGꢀDSSOLDQFHꢁꢀZHꢀH[WHQGꢀDꢀꢅꢋꢄPRQWKꢀZDUUDQW\ꢀꢉDFFRPSDQ\LQJꢀZDUUDQW\ꢀFDUGꢊꢀEHJLQQLQJꢀRQ  
WKHꢀGD\ꢀRIꢀSXUFKDVHꢂꢀ,QꢀWKLVꢀWLPHꢀSHULRGꢁꢀZHꢀZLOOꢀUHPHG\ꢀDOOꢀGHIHFWVꢁꢀGHPRQVWUDEO\ꢀRIꢀPDWHULDOꢀRUꢀPDQXIDFWXULQJꢀPLVWDNHVꢁ  
WKURXJKꢀUHSDLUꢀRUꢀH[FKDQJHꢂꢀ'DPDJHꢀUHVXOWLQJꢀIURPꢀXQFRQYHQWLRQDOꢀXVDJHꢀRIꢀWKHꢀDSSOLDQFHꢀDQGꢀPLVWDNHVꢀWKURXJKꢀUHSDLUV  
PDGHꢀE\ꢀDꢀWKLUGꢀSDUW\ꢀRUꢀDVVHPEO\ꢀZLWKꢀIRUHLJQꢀSDUWVꢁꢀDUHꢀQRWꢀFRYHUHGꢀE\ꢀWKLVꢀJXDUDQWHHꢂ  
&217$&7  
9LVLWꢀRXUꢀKRPHSDJH  
KWWSꢃꢍꢍZZZꢂHOWDꢂGH  
,QꢀFDVHꢀRIꢀWHFKQLFDOꢀTXHVWLRQVꢃ  
HOWDꢀ6HUYLFHꢄ&HQWHU  
%UHLWHIHOGꢀꢌꢎ  
ꢑꢋꢓꢇꢔꢀ0QVWHU  
+RWOLQHꢀ3KRQHꢃꢀꢐꢌꢓꢐꢎꢍꢇꢎꢎꢋꢑꢐꢀꢉꢐꢁꢌꢅꢀ(85ꢍ0LQꢊ  
)D[ꢃꢀꢐꢌꢓꢐꢎꢍꢅꢎꢓꢑꢌꢔꢀꢉꢐꢁꢌꢅꢀ(85ꢍ0LQꢊꢀ  
)URPꢀDEURDGꢀ\RXꢀFDQꢀGHPDQGꢀRXUꢀVHUYLFHꢀXQGHUꢃ  
+RWOLQHꢃꢀꢕꢋꢔꢀꢑꢐꢒꢌꢍꢇꢔꢐꢅꢔꢐꢔ  
ꢇꢑꢎꢀGD\VꢀSHUꢀ\HDUꢀꢄꢀIURPꢀ0RQGD\ꢀWLOOꢀ6XQGD\  
VHUYLFH#HOWDꢂGH  
ꢀꢀꢀꢎꢒꢂ  
02'(/(ꢀꢁꢂꢃꢃꢄ  
$XWRꢆUDGLRꢁDYHFꢁDIILFKDJHꢁ7)7ꢅꢁOHFWHXUꢁ'9'ꢁHWꢁ%/8(7227+  
,1)250$7,216ꢁ'(ꢁ6(&85,7(  
$9(57,66(0(17ꢀ5,648(  
'¶(/(&752&87,21ꢀ1(  
3$6ꢀ2895,5  
8QꢀWULDQJOHꢀDYHFꢀV\PEROHꢀ  
G¶pFODLUDWWLUHꢀO¶DWWHQWLRQꢀGHꢀ  
O¶XWLOLVDWHXUꢀVXUꢀODꢀSUpVHQFHꢀ  
GHꢀꢗYROWDJHꢀGDQJHUHX[ꢗꢀQRQꢀ  
LVROpꢀGDQVꢀOHꢀFRIIUDJHꢁꢀ  
SRXYDQWꢀrWUHꢀDVVH]ꢀSXLVVDQWꢀ  
SRXUꢀSURYRTXHUXQHꢀ  
8QꢀWULDQJOHꢀDYHFꢀSRLQWꢀ  
G¶H[FODPDWLRQꢀDWWLUHꢀ  
$7(17,21ꢃꢀ$),1ꢀ'(ꢀ5('8,5(ꢀ/(6ꢀ  
5,648(6ꢀ'¶(/(&752&87,21ꢁꢀ1(ꢀ3$6ꢀ  
5(7,5(5ꢀ/(ꢀ&2))5$*(ꢀꢉ$9$17ꢀ28ꢀ  
$55,(5(ꢊꢂ  
O¶DWWHQWLRQꢀGHꢀO¶XWLOLVDWHXUꢀVXUꢀ  
ODꢀSUpVHQFHꢀGDQVꢀOHꢀPDQXHOꢀ  
G¶LQVWUXFWLRQVꢀLPSRUWDQWHVꢀ  
FRQFHUQDQWꢀO¶XWLOLVDWLRQꢀHWꢀOD  
PDLQWHQDQFHꢁꢀHWꢀGHYDQWꢀrWUHꢀ  
FRQVXOWpHVꢂ  
1(ꢀ&217,(17ꢀ$8&81(ꢀ3,(&(ꢀ  
5(03/$&$%/(ꢂ  
&21),(5ꢀ7287(ꢀ5(3$5$7,21ꢀ$ꢀ  
'8ꢀ3(56211(/ꢀ48$/,),(ꢂ  
pOHFWURFXWLRQꢂ  
3/86ꢁ'¶,1)250$7,216  
3UHQH]ꢀJDUGHꢀDX[ꢀSHWLWHVꢀSLqFHVꢀHWꢀSLOHVꢁꢀQHꢀOHVꢀDYDOH]ꢀSDVꢂꢀ&HODꢀSRXUUDLWꢀrWUHꢀGDQJHUHX[ꢀSRXUꢀ  
YRWUHꢀVDQWpꢀHWꢀPHQHUꢀjꢀO¶pWRXIIHPHQWꢂꢀ3UrWH]ꢀO¶DWWHQWLRQꢀODꢀSOXVꢀpOHYpHꢀSRXUꢀJDUGHUꢀOHVꢀSHWLWVꢀ  
DSSDUHLOVꢀHWꢀSLOHVꢀKRUVꢀGHꢀODꢀSRUWpHꢀGHVꢀHQIDQWVꢂ  
&RQVHLOꢁLPSRUWDQWꢁSRXUꢁODꢁSURWHFWLRQꢁGHꢁO¶RXwH  
$WWHQWLRQꢀ  
1RXVꢀWHQRQVꢀjꢀYRWUHꢀRXwHꢀDXWDQWꢀTXHꢀYRXVꢂ  
3DUꢀFRQVpTXHQWꢁꢀSUHQH]ꢀYRVꢀSUpFDXWLRQVꢀORUVꢀGHꢀO¶XVDJHꢀGHꢀFHWꢀDSSDUHLOꢂ  
1RWUHꢀUHFRPPDQGDWLRQVꢃꢀ(YLWH]ꢀOHVꢀYROXPHVꢀIRUWVꢂ  
'DQVꢀOHꢀFDVꢀRꢀGHVꢀHQIDQWVꢀXWLOLVHQWꢀO¶DSSDUHLOꢁꢀDVVXUH]ꢄYRXVꢀTXHꢀOHꢀYROXPHꢀQ¶HVWꢀSDVꢀVXUꢀODꢀ  
SRVLWLRQꢀpOHYHꢂ  
$WWHQWLRQꢇ  
/HVꢀYROXPHVꢀpOHYpVꢀSHXYHQWꢀLUUpPpGLDEOHPHQWꢀHQGRPPDJHUꢀO¶RXwHꢀGHVꢀHQIDQWVꢂ  
1(ꢀ-$0$,6ꢀODLVVHUꢀXQHꢀSHUVRQQHꢀRXꢀVXUWRXWꢀXQꢀHQIDQWꢀPHWWUHꢀGHVꢀREMHWVꢀGDQVꢀOHVꢀWURXVꢁꢀIHQWHVꢀ  
RXꢀDXWUHVꢀRXYHUWXUHVꢀGHꢀO¶DSSDUHLOꢂꢀ&HODꢀSRXUUDLWꢀHQWUDvQHUꢀODꢀPRUWꢀSDUꢀGpFKDUJHꢀpOHFWULTXHꢂꢀ  
/¶DSSDUHLOꢀGRLWꢀrWUHꢀRXYHUWꢀXQLTXHPHQWꢀSDUꢀXQꢀDVVLVWDQWꢀTXDOLILpꢂ  
9HXLOOH]ꢀXWLOLVHUꢀO¶DSSDUHLOꢀXQLTXHPHQWꢀDX[ꢀILQVꢀSRXUꢀOHVTXHOOHVꢀLOꢀDꢀpWpꢀFUppꢂ  
&HWꢀDSSDUHLOꢀHVWꢀH[FOXVLYHPHQWꢀGHVWLQpꢀjꢀO¶XVDJHꢀGDQVꢀGHVꢀORFDX[ꢀSULYpVꢀRXꢀjꢀXVDJHꢀFRPPHUFLDOꢂ  
9HXLOOH]ꢀFRQVHUYHUꢀFHꢀPRGHꢀGCHPSORLꢀSRXUꢀXWLOLVDWLRQꢀXOWpULHXUHꢂ  
,QGLFDWLRQVꢁUHODWLYHVꢁjꢁODꢁSURWHFWLRQꢁGHꢁO¶HQYLURQQHPHQW  
$XꢀWHUPHꢀGHꢀVDꢀGXUpHꢀGHꢀYLHꢁꢀFHꢀSURGXLWꢀQHꢀGRLWꢀSDVꢀrWUHꢀpOLPLQpꢀDYHFꢀOHVꢀRUGXUHVꢀPpQDJqUHVꢀ  
PDLVꢀGRLWꢀrWUHꢀUHPLVjꢀXQꢀSRLQWꢀGHꢀFROOHFWHꢀGHVWLQpꢀDXꢀUHF\FODJHꢀGHVꢀDSSDUHLOVꢀpOHFWULTXHVꢀHWꢀ  
pOHFWURQLTXHVꢂꢀ/HꢀV\PEROHꢀILJXUDQWꢀVXUꢀOHꢀSURGXLWꢁꢀODꢀQRWLFHꢀG¶XWLOLVDWLRQꢀRXꢀO¶HPEDOODJHꢀYRXVꢀ  
LQGLTXHꢀFHODꢂ  
/HVꢀPDWpULDX[ꢀVRQWꢀUHF\FODEOHVꢀFRQIRUPpPHQWꢀjꢀOHXUꢀPDUTXDJHꢂꢀ9RXVꢀDSSRUWH]ꢀXQHꢀODUJHꢀ  
FRQWULEXWLRQꢀjꢀODꢀSURWHFWLRQꢀGHꢀO¶HQYLURQQHPHQWꢀSDUꢀOHꢀELDLVꢀGXꢀUHF\FODJHꢁꢀGHꢀODꢀUpXWLOLVDWLRQꢀ  
PDWpULHOOHꢀRXꢀSDUꢀOHVꢀDXWUHVꢀIRUPHVꢀGHꢀUpXWLOLVDWLRQꢀGHVꢀDSSDUHLOVꢀXVDJpVꢂ  
9HXLOOH]ꢀYRXVꢀDGUHVVHUꢀjꢀODꢀPXQLFLSDOLWpꢀSRXUꢀFRQQDvWUHꢀODꢀGpFKHWWHULHꢀFRPSpWHQWHꢂ  
ꢀꢀꢀꢎꢓꢂ  
1HꢀJrQH]ꢀSDVꢀODꢀYHQWLODWLRQꢀGXꢀGLVSRVLWLIꢂꢀ$VVXUH]ꢄYRXVꢀTXHꢀULGHDX[ꢁꢀMRXUQDX[ꢁꢀFRXYHUWXUHVꢀRXꢀ  
PHXEOHVꢀQHꢀEORTXHQWꢀHQꢀDXFXQꢀFDVꢀOHVꢀIHQWHVꢀGHꢀYHQWLODWLRQꢀGHꢀO¶DSSDUHLOꢂꢀ/DꢀYHQWLODWLRQꢀGRLWꢀrWUHꢀ  
DVVXUpHꢀjꢀWRXWꢀPRPHQWꢈꢀ/DꢀVXUFKDXIIHꢀSHXWꢀFDXVHUꢀjꢀO¶DSSDUHLOꢀGHVꢀGRPPDJHVꢀVpULHX[ꢀHWꢀUpGXLUHꢀ  
VDꢀSHUIRUPDQFHꢀHWꢀVDꢀGXUpHꢀGHꢀYLHꢂ  
/DꢁFKDOHXUꢁHWꢁVRXUFHVꢁGHꢁFKDOHXU  
9HXLOOH]ꢀQHꢀSDVꢀH[SRVHUꢀO¶DSSDUHLOꢀjꢀODꢀOXPLqUHꢀGLUHFWHꢀꢉGXꢀVROHLOꢊꢂꢀ$VVXUH]ꢄYRXVꢀTXHꢀO¶DSSDUHLOꢀ  
Q¶HVWꢀSDVꢀHQꢀFRQWDFWꢀGLUHFWꢀDYHFꢀGHVꢀVRXUFHVꢀGHꢀFKDOHXUꢀWHOOHVꢀTX¶XQꢀFKDXIIDJHꢀRXꢀXQꢀIHXꢂꢀ  
$VVXUH]ꢄYRXVꢀTXHꢀOHVꢀIHQWHVꢀG¶DpUDWLRQꢀGHꢀO¶DSSDUHLOꢀQHꢀVRQWꢀSDVꢀIHUPpHVꢂ  
+XPLGLWpꢁHWꢁQHWWR\DJH  
/¶DSSDUHLOꢀQ¶HVWꢀSDVꢀpWDQFKHꢈꢀ1HꢀSORQJH]ꢀSDVꢀO¶DSSDUHLOꢀGDQVꢀO¶HDXꢂꢀ(YLWH]ꢀVRQꢀFRQWDFWꢀDYHFꢀO¶HDXꢂꢀ  
'HꢀO¶HDXꢀGDQVꢀO¶DSSDUHLOꢀSRXUUDLWꢀVpULHXVHPHQWꢀO¶HQGRPPDJHUꢂꢀ1¶HPSOR\H]ꢀSDVꢀGHꢀGpWHUJHQWVꢀ  
FRQWHQDQWꢀGHꢀO¶DOFRROꢁꢀGHꢀO¶DPPRQLDTXHꢁꢀGXꢀEHQ]qQHꢀRXꢀGHVꢀDEUDVLIVꢂꢀ&HVꢀSURGXLWVꢀSRXUUDLHQWꢀ  
HQGRPPDJHUꢀYRWUHꢀDSSDUHLOꢂꢀ3RXUꢀQHWWR\HUꢀO¶DSSDUHLOꢁꢀXWLOLVH]ꢀXQꢀFKLIIRQꢀGRX[ꢀHWꢀKXPLGHꢂ  
5HF\FODJHꢁSURIHVVLRQQHO  
/HVꢀSLOHVꢀHWꢀO¶HPEDOODJHꢀQ¶DSSDUWLHQQHQWꢀSDVꢀjꢀODꢀFDWpJRULHꢀGHVꢀRUGXUHVꢀPpQDJqUHVꢂꢀ/HVꢀSLOHVꢀ  
GRLYHQWꢀrWUHꢀGLULJpHVꢀYHUVꢀXQꢀFHQWUHꢀFROOHFWDQWꢀOHVꢀSLOHVꢀXVDJpHVꢂꢀ/HVꢀPDWpULDX[ꢀGHꢀO¶HPEDOODJHꢀ  
VRQWꢀpFRORJLTXHVꢂ  
0(685(6ꢁ'(ꢁ6e&85,7e  
ꢈꢉꢁꢁꢁ/,6(=ꢁ&(6ꢁ,16758&7,216ꢁ±ꢁ7RXWHVꢀOHVꢀLQVWUXFWLRQVꢀGHꢀVpFXULWpꢀHWꢀG¶XWLOLVDWLRQꢀGRLYHQWꢀrWUHVꢀOXHVꢀDYDQWꢀ  
ꢀꢀꢀꢀꢀꢀGHꢀIDLUHꢀIRQFWLRQQHUꢀO¶DSSDUHLOꢂ  
ꢊꢉꢁꢁꢁ&216(59(5ꢁ/(6ꢁ,16758&7,216ꢁ±ꢁ/HVꢀPHVXUHVꢀGHꢀVpFXULWpꢀHWꢀGHꢀIRQFWLRQQHPHQWꢀGRLYHQWꢀrWUHꢀ  
ꢀꢀꢀꢀꢀꢀFRQVHUYpHVꢀSRXUꢀUpIpUHQFHVꢀXOWpULHXUHVꢂ  
ꢄꢉꢁꢁꢁ5(63(&7(5ꢁ7286ꢁ/(6ꢁ$9(57,66(0(176ꢁ±ꢁ7RXVꢀOHVꢀDYHUWLVVHPHQWVꢀVXUꢀO¶DSSDUHLOꢀHWꢀGDQVꢀOHꢀPRGHꢀ  
ꢀꢀꢀꢀꢀꢀG¶HPSORLꢀGRLYHQWꢀrWUHꢀUHVSHFWpVꢂ  
ꢋꢉꢁꢁꢁ68,95(ꢁ/(6ꢁ,16758&7,216ꢁ±ꢁ7RXWHVꢀOHVꢀLQVWUXFWLRQVꢀGHꢀIRQFWLRQQHPHQWꢀGRLYHQWꢀrWUHꢀVXLYLHVꢂ  
ꢃꢉꢁꢁꢁ($8ꢁ(7ꢁ+80,',7(ꢁ±ꢀ/¶DSSDUHLOꢀQHꢀGRLWꢀSDVꢀrWUHꢀXWLOLVpꢀjꢀSUR[LPLWpꢀG¶HDXꢁꢀSDUꢀH[HPSOHꢀꢃꢀXQHꢀEDLJQRLUHꢁꢀXQꢀ  
ꢀꢀꢀꢀꢀꢀODYDERꢁꢀXQꢀpYLHUꢁꢀXQHꢀOHVVLYHXVHꢁꢀXQHꢀSLVFLQHꢀRXꢀXQꢀVRXVꢄVROꢀKXPLGHꢂ  
ꢌꢉꢁꢁꢁ9(17,/$7,21ꢁ±ꢁ/HVꢀRXYHUWXUHVꢀGHꢀO¶DSSDUHLOꢀSHUPHWWHQWꢀXQHꢀERQQHꢀYHQWLODWLRQꢁꢀHOOHVꢀVRQWꢀQpFHVVDLUHVꢀ  
ꢀꢀꢀꢀꢀꢀSRXUꢀXQꢀERQꢀIRQFWLRQQHPHQWꢀGHꢀO¶DSSDUHLOꢀHWꢀSRXUꢀHPSrFKHUꢀOHVꢀVXUFKDXIIHVꢂꢀ/¶DSSDUHLOꢀGRLWꢀrWUHꢀSODFpꢀDILQꢀ  
ꢀꢀꢀꢀꢀꢀTXHꢀVRQꢀHPSODFHPHQWꢀRXꢀVDꢀSRVLWLRQꢀQ¶LQWHUIqUHꢀDYHFꢀODꢀERQQHꢀYHQWLODWLRQꢂꢀ1HꢀSODFH]ꢀSDVꢀO¶DSSDUHLOꢀVXUꢀXQꢀ  
ꢀꢀꢀꢀꢀꢀOLWꢁꢀVRIDꢁꢀWDSLVꢀRXꢀXQHꢀDXWUHꢀVXUIDFHꢀVLPLODLUHꢀTXLꢀSRXUUDLWꢀEORTXHUꢀOHVꢀWURXVꢀGHꢀYHQWLODWLRQꢂꢀ/HꢀSODFHUꢀGDQVꢀXQꢀ  
ꢀꢀꢀꢀꢀꢀPHXEOHꢀHQFDVWUpꢁꢀFRPPHꢀXQHꢀELEOLRWKqTXHꢀRXꢀXQHꢀpWDJqUHꢀHQFDVWUpHꢁꢀHPSrFKHUDꢀpJDOHPHQWꢀXQHꢀERQQHꢀ  
ꢀꢀꢀꢀꢀꢀFLUFXODWLRQꢀGHꢀO¶DLUꢂ  
ꢂꢉꢁꢁꢁ&+$/(85ꢁ±ꢁ/¶DSSDUHLOꢀGRLWꢀrWUHꢀWHQXꢀjꢀO¶pFDUWꢀGHVꢀVRXUFHVꢀGHꢀFKDOHXUꢀFRPPHꢀOHVꢀUDGLDWHXUVꢁꢀIRXUVꢀRXꢀ  
ꢀꢀꢀꢀꢀꢀDXWUHVꢀDSSDUHLOVꢀpPHWWDQWꢀGHꢀODꢀFKDOHXUꢀꢉ\ꢀFRPSULVꢀOHVꢀDPSOLILFDWHXUVꢊꢂ  
ꢍꢉꢁꢁꢁ6285&(ꢁ'¶$/,0(17$7,21ꢁ±ꢁ/¶DSSDUHLOꢀGRLWꢀrWUHꢀEUDQFKpꢀVXUꢀXQHꢀDOLPHQWDWLRQꢀGHꢀPrPHꢀW\SHꢀTXHꢀFHOOHꢀ  
ꢀꢀꢀꢀꢀꢀGpFULWHꢀGDQVꢀOHꢀPRGHꢀG¶HPSORLꢀRXꢀFRPPHꢀLQGLTXpꢀVXUꢀO¶XQLWpꢂ  
ꢎꢉꢁꢁꢁ,16(57,21ꢁ'¶2%-(7ꢁHWꢁGHꢁ/,48,'(ꢁ±ꢀ8QHꢀH[WUrPHꢀYLJLODQFHꢀHVWꢀGHꢀULJXHXUꢀDILQꢀTX¶DXFXQꢀREMHWꢀRXꢀ  
ꢀꢀꢀꢀꢀꢀOLTXLGHꢀQ¶HQWUHQWꢀGDQVꢀOHꢀFKkVVLVꢀSDUꢀOHVꢀRXYHUWXUHVꢂꢀ1HꢀSDVꢀGpPRQWHUꢂ  
ꢈꢏꢉꢁ'200$*(6ꢁ1(&(66,7$17ꢁ81(ꢁ5(3$5$7,21ꢁ±ꢀ/¶XQLWpꢀGRLWꢀrWUHꢀUpSDUpHꢀSDUꢀGXꢀSHUVRQQHOꢀGHꢀ  
ꢀꢀꢀꢀꢀꢀUpSDUDWLRQꢀTXDOLILpꢀORUVTXHꢃ  
ꢀꢀꢀꢀꢀꢀDꢂꢀ/HꢀFRUGRQꢀG¶DOLPHQWDWLRQꢀRXꢀODꢀSULVHꢀG¶DOLPHQWDWLRQꢀRQWꢀpWpꢀHQGRPPDJpꢂ  
ꢀꢀꢀꢀꢀꢀEꢂꢀ8QꢀOLTXLGHꢀDꢀpWpꢀSURMHWpꢀVXUꢀO¶DSSDUHLOꢀRXꢀVLꢀXQꢀREMHWꢀHVWꢀWRPEpꢀGDQVꢀO¶DSSDUHLOꢂ  
ꢀꢀꢀꢀꢀꢀFꢂꢀ6LꢀO¶XQLWpꢀDꢀpWpꢀH[SRVpHꢀjꢀODꢀSOXLHꢀRXꢀjꢀO¶KXPLGLWpꢁ  
ꢀꢀꢀꢀꢀꢀGꢂꢀ/¶DSSDUHLOꢀHVWꢀWRPEpꢀRXꢀO¶HQFHLQWHꢀHVWꢀHQGRPPDJpHꢂꢀ1¶XWLOLVH]ꢀTXHꢀOHVꢀFRPPDQGHVꢀHWꢀOHVꢀUpJODJHVꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀFRPPHꢀVSpFLILpꢀGDQVꢀFHꢀPDQXHOꢂꢀ  
ꢀꢀꢀꢀꢀꢀHꢂꢀ/¶DSSDUHLOꢀQHꢀVHPEOHꢀSDVꢀIRQFWLRQQHUꢀQRUPDOHPHQWꢂ  
ꢀꢀꢀꢀꢀꢀIꢂꢀꢀ/¶XQLWpꢀLQGLTXHꢀGHꢀJUDYHꢀFKDQJHPHQWꢀGDQVꢀVDꢀSHUIRUPDQFHꢂ  
ꢀꢀꢀꢎꢔꢂ  
ꢈꢈꢉꢁ5(3$5$7,21ꢁ±ꢁ/¶XWLOLVDWHXUꢀQHꢀGRLWꢀSDVꢀWHQWHUꢀGHꢀUpSDUHUꢀO¶XQLWpꢀDXWUHPHQWꢀTX¶LQGLTXpꢀGDQVꢀFHꢀPRGHꢀꢀ  
ꢀꢀꢀꢀꢀꢀG¶HPSORLꢂꢀ7RXWHVꢀOHVꢀDXWUHVꢀUpSDUDWLRQVꢀGRLYHQWꢀrWUHꢀHIIHFWXpHVꢀSDUꢀGXꢀVHUYLFHꢀGHꢀUpSDUDWLRQꢀTXDOLILpꢂ  
ꢈꢊꢉꢁ1(772<$*(ꢁ±ꢁ1¶XWLOLVH]ꢀSDVꢀGHꢀQHWWR\DQWVꢀOLTXLGHVꢀRXꢀGHꢀVSUD\VꢁꢀXWLOLVH]ꢀXQLTXHPHQWꢀXQꢀOLQJHꢀKXPLGHꢂꢀ  
ꢀꢀꢀꢀꢀꢀ6XLYH]ꢀOHVꢀLQVWUXFWLRQVꢀGHꢀQHWWR\DJHꢀHWꢀGHꢀPDLQWHQDQFHꢀGHꢀFHꢀPDQXHOꢂ  
ꢈꢄꢉꢁ&2175g/(ꢁ6(&85,7(ꢁ±ꢁ$SUqVꢀDYRLUꢀIDLWꢀUpSDUpꢀO¶XQLWpꢁꢀGHPDQGH]ꢀDXꢀVHUYLFHꢀFOLHQWꢀG¶HIIHFWXHUꢀXQꢀ  
ꢀꢀꢀꢀꢀꢀFRQWU{OHꢀVpFXULWpꢂ  
ꢈꢋꢉꢁ'(&+$5*(ꢁ(/(&75267$7,48(ꢁ±ꢁ'pEUDQFKH]ꢀGHꢀO¶DOLPHQWDWLRQꢀSULQFLSDOHꢀHWꢀUHWLUH]ꢀOHVꢀSLOHVꢀGHꢀO¶XQLWpꢀ  
ꢀꢀꢀꢀꢀꢀVLꢀO¶XQLWpꢀQHꢀIRQFWLRQQHꢀSDVꢀFRUUHFWHPHQWꢂꢀ5HEUDQFKH]ꢀHQVXLWHꢂ  
$77(17,21ꢁꢀ  
&(ꢀ/(&7(85ꢀ&'ꢀ(67ꢀ81ꢀ352'8,7ꢀ/$6(5ꢀ'(ꢀ&/$66(ꢀ,ꢀ&(3(1'$17ꢀ&(ꢀ/(&7(85ꢀ'9'ꢀ87,/,6(5ꢀ  
81ꢀ5$<21ꢀ/$6(5ꢀ9,6,%/(ꢀꢃ,19,6,%/(ꢀ48,ꢀ3(87ꢀ(175$,1(5ꢀ81(ꢀ(;326,7,21ꢀ$ꢀ81(ꢀ5$',$7,21ꢀ  
'$1*(5(86(ꢀ6¶,/ꢀ(67ꢀ',5(&7ꢀ9(8,//(=ꢀ9286ꢀ$6685(=ꢀ'(ꢀ)$,5(ꢀ)21&7,211(5ꢀ/(ꢀ/(&7(85ꢀ  
'9'ꢀ&255(&7(0(17ꢀ&200(ꢀ,1',48(ꢂ  
/¶87,/,6$7,21ꢀ'(ꢀ&200$1'(6ꢀ28ꢀ'¶$-867(0(176ꢀ28ꢀ'(ꢀ3(5)250$1&(ꢀ28ꢀ'(ꢀ352&('85(6ꢀ  
',))(5(17(6ꢀ'(ꢀ&(//(6ꢀ48,ꢀ6217ꢀ63(&,),((6ꢀ3(89(17ꢀ(175$,1(5ꢀ81(ꢀ(;326,7,21ꢀ$ꢀ81(ꢀ  
*5$9(ꢀ5$',$7,21ꢂꢀ1(ꢀ3$6ꢀ2895,5ꢀ/(6ꢀ&289(5&/(6ꢀ(7ꢀ1(ꢀ3$6ꢀ5(3$5(5ꢀ9286ꢄ0(0(ꢀ  
/¶$33$5(,/ꢂ  
$),1ꢀ'(ꢀ35(9(1,5ꢀ/(6ꢀ,1&(1',(6ꢁꢀ/(6ꢀ&+2&6ꢀ(/(&75,48(6ꢀ28ꢀ/(6ꢀ,17(5)(5(1&(6ꢁꢀ  
1¶87,/,6(=ꢀ48(ꢀ/(6ꢀ$&&(662,5(6ꢀ5(&200$1'(6ꢀ(7ꢀ1(ꢀ3$6ꢀ(;326(5ꢀ$ꢀ/$ꢀ3/8,(ꢀ28ꢀ$ꢀ  
/¶+80,',7(ꢂ  
/$%(/ꢁ'(ꢁ352'8,7ꢁ/$6(5ꢁ'(ꢁ&/$66(ꢁꢈ  
&/$66ꢀꢌꢀ/$6(5ꢀ352'8&7  
./$66ꢀꢌꢀ/$6(5ꢀ$33$5$7  
&HꢀODEHOꢀHVWꢀDWWDFKpꢀjꢀO¶HQGURLWꢀTXLꢀHVWꢀLOOXVWUpꢀSRXUꢀYRXVꢀLQIRUPpꢀTXH  
/82.$1ꢀꢌꢀ/$6(5/$,7(  
./$66(ꢀꢌꢀ/$6(5ꢀ352'8&7  
O¶DSSDUHLOꢀFRQWLHQWꢀXQꢀFRPSRVDQWꢀODVHUꢂ  
$9(57,66(0(17ꢁꢀ  
&HWꢀDSSDUHLOꢀFRPSRUWHꢀXQHꢀWHFKQRORJLHꢀGHꢀSURWHFWLRQꢀGHVꢀGURLWVꢀG¶DXWHXUꢀTXLꢀHVWꢀSURWpJpHꢀSDUꢀXQHꢀPpWKRGHꢀGHꢀ  
UpFODPDWLRQꢀGHꢀFHUWDLQVꢀ%UHYHWVꢀG¶LQYHQWLRQꢀHWꢀG¶DXWUHVꢀGURLWVꢀGHꢀSURSULpWpVꢀLQWHOOHFWXHOOHVꢀSRVVpGpVꢀSDUꢀ  
0DFURYLVLRQꢀ&RUSRUDWLRQꢀHWꢀG¶DXWUHVꢀSURSULpWDLUHVꢀGHꢀGURLWVꢂꢀ/¶XWLOLVDWLRQꢀGHꢀFHWWHꢀWHFKQRORJLHꢀGHꢀSURWHFWLRQꢀGHVꢀ  
GURLWVꢀG¶DXWHXUꢀGRLWꢀrWUHꢀDXWRULVpHꢀSDUꢀ0DFURꢀYLVLRQꢀ&RUSRUDWLRQꢀHWꢀQHꢀGRLWꢀrWUHꢀUpVHUYpHꢀTX¶jꢀGHVꢀXVDJHVꢀ  
SHUVRQQHOVꢀRXꢀjꢀG¶DXWUHVꢀXVDJHVꢀOLPLWpVꢀVDXIꢀDXWRULVDWLRQꢀFRQWUDLUHꢀGHꢀ0DFURYLVLRQꢀ&RUSRUDWLRQꢂꢀ/DꢀUpWURWHFKꢄ  
QLTXHꢀRXꢀOHꢀGpPRQWDJHꢀVRQWꢀLQWHUGLWVꢂ  
,1)250$7,216ꢁ'(ꢁ*(67,21ꢁ'(ꢁ5(*,21ꢁꢀ  
&HꢀOHFWHXUꢀ'9'ꢀHVWꢀFRQoXꢀHWꢀIDEULTXpꢀSRXUꢀUpSRQGUHꢀjꢀO¶,QIRUPDWLRQꢀGHꢀ*HVWLRQꢀGHꢀ5pJLRQꢀTXLꢀHVWꢀHQUHJLVWUpHꢀ  
VXUꢀOHꢀGLVTXHꢀ'9'ꢂꢀ6LꢀOHꢀQXPpURꢀGHꢀUpJLRQꢀGpFULWꢀVXUꢀOHꢀGLVTXHꢀ'9'ꢀQHꢀFRUUHVSRQGꢀSDVꢀDXꢀQXPpURꢀGHꢀ5pJLRQꢀ  
GXꢀOHFWHXUꢀ'9'ꢁꢀFHꢀOHFWHXUꢀ'9'ꢀQHꢀSHXWꢀSDVꢀOLUHꢀOHꢀGLVTXHꢂ  
ꢀꢀꢀꢑꢐꢂ  
0DQLSXODWLRQꢁGXꢁ&'  
5HPDUTXHVꢁꢀ  
ꢏꢀ/HVꢀ&'ꢀVDOHVꢀRXꢀUD\pVꢀSHXYHQWꢀIDLUHꢀVDXWHUꢀOHꢀGLVTXHꢂꢀ1HWWR\H]ꢀRXꢀFKDQJH]ꢀOHꢀ&'ꢂ  
ꢏꢀ5HWLUH]ꢀOHꢀ&'ꢀGHꢀVRQꢀERvWLHUꢂ  
ꢏꢀ1HꢀSDVꢀWRXFKHUꢀOHVꢀVXUIDFHVꢂ  
ꢏꢀ1HꢀSDVꢀDSSRVHUꢀG¶DXWRFROODQWVꢀVXUꢀOHꢀ&'ꢀHWꢀQHꢀSDVꢀpFULUHꢀGHVVXVꢂ  
ꢏꢀ1HꢀSDVꢀSOLHUꢀOHꢀ&'ꢂ  
5DQJHPHQW  
ꢏꢀ7RXMRXUVꢀUDQJHUꢀOHVꢀ&'ꢀGDQVꢀOHXUꢀERvWLHUꢂꢀ7RXMRXUVꢀUDQJHUꢀOHVꢀ&'ꢀGDQVꢀOHXUꢀERvWLHUꢂ  
ꢏꢀ1HꢀSDVꢀH[SRVHUꢀOHVꢀ&'ꢀjꢀODꢀOXPLqUHꢀGLUHFWHꢀGXꢀVROHLOꢁꢀjꢀODꢀSRXVVLqUHꢁꢀDX[ꢀHQGURLWVꢀKXPLGHVꢀRXꢀFKDXGVꢂ  
1HWWR\DJH  
ꢏꢀ1HWWR\HUꢀOHꢀ&'ꢀjꢀO¶DLGHꢀG¶XQꢀFKLIIRQꢀGRX[ꢂ  
ꢏꢀ1HWWR\HUꢀOHꢀ&'ꢀGXꢀFHQWUHꢀYHUVꢀO¶H[WpULHXUꢂ  
'8ꢀ&(175(ꢀ9(56ꢀ/(ꢀ%25'  
&255(&7  
,1&255(&7  
5(0$548(6ꢁ685ꢁ/(6ꢁ',648(6  
)RUPDWVꢀGHꢀGLVTXHVꢀVXSSRUWpVꢀSDUꢀOHꢀOHFWHXUꢀꢃ  
'LVTXHꢀ'9'ꢀꢌꢅFP  
ꢉ'LVTXHꢀXQHꢀIDFHꢀXQLTXHPHQWꢊ  
&'ꢀ9LGpRꢀGLVTXHꢀꢌꢅFP  
&'ꢀGLVTXHꢀꢌꢅFP  
03ꢇꢀGLVTXHꢀꢌꢅFP  
,167$//(5ꢁ/$ꢁ)$d$'(  
6pOHFWLRQQH]ꢀO¶HPSODFHPHQWꢀRꢀO¶DSSDUHLOꢀQ¶DXUDꢀSDVꢀG¶LQWHUIpUHQFHꢀDYHFꢀODꢀIRQFWLRQꢀGHꢀFRQGXLWHꢀQRUPDOHꢀGXꢀFRQGXFWHXUꢂ  
$YDQWꢀG¶LQVWDOOHUꢀGpILQLWLYHPHQWꢀO¶DSSDUHLOꢁꢀUHOLH]ꢀOHꢀFkEOHꢀWHPSRUDLUHPHQWꢀHWꢀDVVXUH]ꢄYRXVꢀTX¶LOꢀHVWꢀELHQꢀFRQQHFWpꢀHWꢀTXH  
O¶DSSDUHLOꢀHWꢀOHꢀV\VWqPHꢀIRQFWLRQQHQWꢀFRUUHFWHPHQWꢂ  
$ILQꢀGHꢀJDUDQWLUꢀXQHꢀERQQHꢀLQVWDOODWLRQꢁꢀQ¶XWLOLVH]ꢀTXHꢀOHVꢀpOpPHQWVꢀFRPSULVꢀGDQVꢀO¶DSSDUHLOꢂꢀ/¶XWLOLVDWLRQꢀGHꢀPDXYDLVꢀpOpPHQWV  
SHXWꢀHQWUDvQHUꢀGHVꢀG\VIRQFWLRQQHPHQWVꢂ  
9HXLOOH]ꢀFRQVXOWHUꢀYRWUHꢀUHYHQGHXUꢀOHꢀSOXVꢀSURFKHꢀVLꢀO¶LQVWDOODWLRQꢀQpFHVVLWHꢀOHꢀSHUoDJHꢀGHꢀWURXVꢀRXꢀG¶DXWUHVꢀPRGLILFDWLRQVꢀGX  
YpKLFXOHꢂ  
,QVWDOOHUꢀO¶DSSDUHLOꢀjꢀXQꢀHQGURLWꢀRꢀLOꢀQHꢀJrQHꢀSDVꢀOHꢀFRQGXFWHXUꢀHWꢀOjꢀRꢀLOꢀQHꢀSHXWꢀSDVꢀEOHVVHUꢀOHVꢀSDVVDJHUVꢀV¶LOꢀ\ꢀDꢀXQꢀDUUrW  
VRXGDLQꢀWHOꢀTX¶XQꢀDUUrWꢀG¶XUJHQFHꢂ  
6LꢀO¶DQJOHꢀG¶LQVWDOODWLRQꢀH[FqGHꢀꢇꢐƒꢁꢀLOꢀVHꢀSHXWꢀTXHꢀO¶DSSDUHLOꢀQHꢀIRQFWLRQQHꢀSDVꢀFRUUHFWHPHQWꢂ  
ꢀꢀꢀꢑꢌꢂ  
,167$//(5ꢁ/$ꢁ)$d$'(  
ꢄꢏ  
(YLWH]ꢀG¶LQVWDOOHUꢀO¶DSSDUHLOꢀOjꢀRꢀLOꢀHVWꢀVXMHWꢀjꢀGHꢀKDXWHVꢀWHPSpUDWXUHVꢀWHOOHVꢀTXHꢀODꢀOXPLqUHꢀGLUHFWHꢀGXꢀVROHLOꢁꢀ  
O¶DLUꢀFKDXGꢀGHꢀFRQGXLWVꢀGHꢀFKDXIIDJHꢀRXꢀOjꢀRꢀLOꢀ\ꢀDꢀGHꢀODꢀSRXVVLqUHꢁꢀGHꢀODꢀVDOHWpꢀRXꢀGHVꢀYLEUDWLRQVꢀH[FHVVLYHVꢂ  
0RQWDJHꢀ',1ꢀDYDQWꢍDUULqUH  
&HWꢀDSSDUHLOꢀSHXWꢀrWUHꢀIDFLOHPHQWꢀLQVWDOOpꢀGHꢀ©ꢀO¶DYDQWꢀªꢀꢉPRQWDJHꢀFRQYHQWLRQQHOꢀDYDQWꢀ',1ꢊꢀRXꢀ©ꢀDUULqUHꢀªꢀ  
ꢉLQVWDOODWLRQꢀPRQWDJHꢀDUULqUHꢀ',1ꢀTXLꢀXWLOLVHꢀGHVꢀWURXVꢀGHꢀSDVꢀGHꢀYLVꢀVXUꢀOHVꢀF{WpVꢀGXꢀFKkVVLVꢀGHꢀO¶DSSDUHLOꢊꢂꢀ  
3RXUꢀOHVꢀGpWDLOVꢁꢀYHXLOOH]ꢀYRXVꢀUpIpUHUꢀDX[ꢀPpWKRGHVꢀG¶LQVWDOODWLRQꢀLOOXVWUpHVꢂ  
7$%/($8ꢀ'(ꢀ%25'  
(FURXꢀKH[DJRQDO  
),;$7,21ꢀ(1ꢀ0(7$/  
521'(//(ꢀ(/$67,48(  
&2162/(  
3/$,1ꢀ:$6+(5  
7$33,1*ꢀ6&5(:  
6833257ꢀ$ꢀ*/,66(5  
%28/21ꢀ+(;$*21$/  
/(9,(5  
&$&+(ꢀ(1ꢀ3/$67,48(  
/(9,(5  
6LꢀYRXVꢀYRXOH]ꢀUHWLUHUꢀOHꢀ&+$66,6ꢀGXꢀ%2,7,(5ꢀ6833257ꢀ$ꢀ*/,66(5ꢁꢀ{WHUꢀG¶DERUGꢀ/(ꢀ&$&+(ꢀ(1ꢀ3/$7,48(ꢀGH  
FKDTXHꢀF{WpꢀSXLVꢀLQVpUH]ꢀOHVꢀGHX[ꢀ/(9,(56ꢀFRPPHꢀVXUꢀO¶LOOXVWUDWLRQꢂ  
ꢀꢀꢀꢑꢅꢂ  
,167$//(5ꢁ/$ꢁ)$d$'(  
&RPPHQWꢁUHWLUHUꢁHWꢁLQVWDOOHUꢁOHꢁSDQQHDXꢁDYDQW  
/RUVTXHꢀYRXVꢀGpWDFKH]ꢀRXꢀDWWDFKH]ꢀOHꢀSDQQHDXꢀGHꢀFRQWU{OHꢁꢀIDLWHVꢀDWWHQWLRQꢀjꢀQHꢀSDVꢀHQGRPPDJHUꢀOHVꢀFRQQHFWHXUVꢀVLWXpV  
jꢀO¶DUULqUHꢀGXꢀWDEOHDXꢀGHꢀERUGꢀHWꢀVXUꢀOHꢀVXSSRUWꢀGXꢀWDEOHDXꢂ  
'pWDFKHUꢁOHꢁSDQQHDXꢁGHꢁFRQWU{OHꢉ  
$YDQWꢀGHꢀGpWDFKHUꢀOHꢀSDQQHDXꢀGHꢀFRQWU{OHꢁꢀDVVXUH]ꢄYRXVꢀG¶pWHLQGUHꢀOHꢀFRXUDQWꢂ  
ꢌꢂꢀꢀ$SSX\H]ꢀVXUꢀOHꢀERXWRQꢀGHꢀUHWUDLWꢀHWꢀOHꢀF{WpꢀJDXFKHꢀGHꢀODꢀIDoDGHꢀVHUDꢀUHOkFKpꢀꢉYRLUꢀILJXUHꢀꢌꢊ  
ꢅꢂꢀꢀ5HWLUH]ꢀODꢀIDoDGHꢀꢉILJXUHꢀꢅꢊꢀHWꢀFRQVHUYH]ꢄODꢀGDQVꢀXQꢀpWXLꢀGHꢀSURWHFWLRQꢀꢉILJXUHꢀꢇꢊꢂ  
'pWDFKHUꢁOHꢁSDQQHDXꢁGHꢁFRQWU{OHꢉ  
,QVpUH]ꢀG¶DERUGꢀOHꢀF{WpꢀGURLWꢀGHꢀODꢀIDoDGHꢀGDQVꢀO¶HQFDVWUHPHQWꢀGHꢀO¶XQLWpꢀSULQFLSDOHꢂ  
%RXWRQꢀGHꢀGpJDJHPHQW  
),*ꢂꢌ  
),*ꢂꢀꢅ  
(QFDVWUHPHQW  
1H]  
),*ꢂꢀꢋ  
),*ꢂꢀꢇ  
),*ꢂꢀꢎ  
),*ꢂꢀꢑ  
3UpFDXWLRQVꢇ  
1HꢀSDVꢀWRXFKHUꢀOHVꢀFRQWDFWVꢀGHꢀODꢀIDoDGHꢀRXꢀGXꢀFRUSVꢁꢀFHODꢀSRXUUDLWꢀHQWUDvQHUꢀXQꢀPDXYDLVꢀFRQWDFWꢀpOHFWULTXHꢂꢀ6LꢀGHꢀODꢀ  
VDOHWpꢀRXꢀGHꢀODꢀSRXVVLqUHꢀV¶DFFXPXOHꢀGDQVꢀOHVꢀFRQWDFWVꢁꢀHVVX\H]ꢄOHVꢀjꢀO¶DLGHꢀG¶XQꢀFKLIIRQꢀSURSUHꢀHWꢀVHFꢂ  
),*ꢂꢀꢒ  
ꢀꢀꢀꢑꢇꢂ  
,167$//(5ꢁ/$ꢁ)$d$'(ꢁ  
&+$1*(5ꢁ/¶$1*/(ꢁ'8ꢁ3$11($8ꢁ'(ꢁ&21752/(  
/RUVTXHꢀYRXVꢀVRXKDLWH]ꢀFKDQJHUꢀO¶DQJOHꢀjꢀUHJDUGHUꢁꢀYRXVꢀSRXYH]ꢀDSSX\HUꢀVXUꢀOHꢀERXWRQꢀꢀꢀꢀꢀꢉDQJOHꢊꢀjꢀSOXVLHXUVꢀUHSULVHVꢀ  
SRXUꢀVpOHFWLRQQHUꢀO¶DQJOHꢀGpVLUpꢀFRPPHꢀVXLWꢃ  
$QJOHꢀꢅ  
$QJOHꢀꢌ  
$QJOHꢀꢇ  
$QJOHꢀꢋ  
$YHUWLVVHPHQWꢁꢀ  
1HꢀSDVꢀLQVpUHUꢀOHVꢀGRLJWVꢀGHUULqUHꢀOHꢀSDQQHDXꢀGHꢀFRQWU{OHꢂ  
ꢀꢀꢀꢑꢋꢂ  
&211(;,21ꢁ(/(&75,48(  
&211(;,21ꢀ'(6ꢀ),/6  
81,7(ꢀ35,1,&,3$/(  
ꢉ%ꢕꢊꢀꢌꢅ9  
%/$1&  
9(57  
,17(55837(85ꢀ&$0(5$ꢀ  
$55,(5(  
&211(&7(85ꢀ,62  
ꢉ%ꢄꢊꢀ)5(,1ꢀ'(ꢀ67$7,211(0(17  
-$81(  
(175((ꢀ&$0(5$ꢀ$55,(5(  
$8;ꢀꢉRSWLRQQHOꢊ  
9,'(2ꢀ(1ꢀ(175((ꢀ-$81(  
5&+ꢀ(1ꢀ(175((ꢀ528*(  
/&+ꢀ(1ꢀ(175((ꢀ%/$1&  
&211(&7(85ꢀ'(ꢀ/¶$17(11(  
&kEOHꢀ5&$  
&$,6621ꢀ'(ꢀ%$66(6ꢀ*5,6  
9,'(2ꢀ(1ꢀ6257,(ꢀꢅꢀ-$81(  
528*(  
6$89(*$5'(  
0(02,5(ꢀꢉ%ꢕꢊ  
&2$;,$/ꢀ(1ꢀ6257,(ꢀ%581  
5&+ꢀ528*(  
&$%/(ꢀ(1ꢀ6257,(ꢀ5&$ꢀ  
$55,(5(ꢀꢉRSWLRQQHOꢊ  
%2,7(ꢀ  
3,(*(  
%2;  
-$81(  
12,5  
6$89(*$5'(  
ꢉ%ꢕꢊ  
/&+ꢀ%/$1&  
&$%/(ꢀ(1ꢀ6257,(ꢀ  
5&$ꢀ$9$17  
5&$ꢀ$9$17ꢀ528*(ꢀ5  
9,'(2ꢀ(1ꢀ6257,(ꢀꢌꢀ-$81(  
5&$ꢀ$9$17ꢀ%/$1&ꢀ/  
0$66(ꢀꢉ%ꢄꢊ  
ꢉ3285ꢀ9(56,21ꢀ/,*1(ꢀ(1ꢀ6257,(ꢀ  
5&$ꢀ81,48(0(17ꢊ  
)86(  
$17(11( %/8(  
$8720$7,48(  
%/$1&  
*5,6  
+$87ꢄ3$5/(85ꢀ  
$9$17ꢀ/FK  
+$87ꢄ3$5/(85  
$9$17ꢀ/FK  
%/$1&ꢍ12,5  
*5,6ꢍ12,5  
9(57  
9,2/(7  
+$87ꢄ3$5/(85ꢀ  
$55,(5(ꢀ/FK  
+$87ꢄ3$5/(85ꢀ  
$55,(5(ꢀ/FK  
9(57ꢀꢍ12,5  
9,2/(7ꢍ12,5  
ꢏꢊꢀ9HXLOOH]ꢀUHOLHUꢀOHꢀILOꢀYHUWꢀjꢀODꢀPDVVHꢀGHꢀO¶LQWHUUXSWHXUꢀGXꢀIUHLQꢀjꢀPDLQꢀRXꢀjꢀO¶LQWHUUXSWHXUꢀGHꢀVWDWLRQQHPHQWꢀSRXUꢀOHVꢀYpKLFXOHVꢀj  
ERvWHꢀGHꢀYLWHVVHVꢀDXWRPDWLTXHVꢀHWꢀFHꢀDILQꢀG¶DVVXUHUꢀXQꢀERQꢀIRQFWLRQQHPHQWꢀGHꢀO¶pFUDQꢀ7)7ꢀSHQGDQWꢀODꢀOHFWXUHꢀ'9'ꢂꢀ,OꢀHVW  
VWLSXOpꢀSDUꢀODꢀORLꢀTXHꢀODꢀFRQQH[LRQꢀDXꢀIUHLQꢀjꢀPDLQꢀRXꢀDXꢀIUHLQꢀGHꢀVWDWLRQQHPHQWꢀVRLWꢀIDLWHꢀDILQꢀG¶DVVXUHUꢀODꢀPHLOOHXUHꢀVpFXULWp  
URXWLqUHꢀDXꢀFRQGXFWHXUꢀHWꢀDX[ꢀSDVVDJHUVꢀHWꢀDILQꢀG¶pYLWHUꢀOHVꢀQXLVDQFHVꢀLQXWLOHVꢂ  
ꢀꢀꢀꢑꢎꢂ  
7(/(&200$1'(  
ꢌꢓ  
ꢌꢎ  
ꢌꢒ  
ꢌꢔ  
ꢅꢐ  
ꢅꢌ  
ꢌꢇ  
ꢅꢇ  
ꢌꢅ  
ꢌꢋ  
ꢅꢅ  
ꢌꢓ  
ꢌꢌ  
ꢅꢋ  
ꢅꢎ  
ꢌꢐ  
ꢅꢑ  
$SSX\H]ꢀVXUꢀFHWWHꢀWRXFKHꢀSRXUꢀFKDQJHUꢀO¶DIILFKDJHꢀHQꢀPRGHꢀDIILFKDJHꢀGHꢀO¶KRUORJH  
$SSX\H]ꢀSRXUꢀXWLOLVHUꢀODꢀIRQFWLRQꢀ%OXHWRRWKꢁꢀYHXLOOH]ꢀYRXVꢀUpIpUHUꢀjꢀODꢀSDJHꢀꢒꢌꢂ  
$SSX\H]ꢀVXUꢀFHWWHꢀWRXFKHꢀSRXUꢀDUUrWHUꢀODꢀOHFWXUH  
ꢌꢂꢀꢀ&/.  
ꢅꢂꢀꢀ3$,5ꢍꢀ  
ꢇꢂꢀꢀ6723  
ꢋꢂꢀꢀ6(783  
ꢎꢂꢀꢀ02ꢍ67ꢉ$8',2ꢊ  
$IILFKHꢀOHꢀPHQXꢀ6(783  
(QꢀPRGHꢀUDGLRꢁꢀDSSX\H]ꢀVXUꢀFHWWHꢀWRXFKHꢀSRXUꢀVpOHFWLRQQHUꢀOHꢀPRGHꢀ67(5(2ꢀRXꢀ0212ꢀꢉ(QꢀPRGHꢀ  
GLVTXHꢁꢀDSSX\H]ꢀVXUꢀFHWWHꢀWRXFKHꢀSRXUꢀFKDQJHUꢀOHꢀVRQꢀ$8',2ꢀHQꢀVRQꢀDXGLRꢀPXOWLSOHꢀGXꢀGLVTXHꢀ'9'ꢂꢀ  
&KDQJHꢀOHꢀPRGHꢀGXꢀVRQꢀGXꢀGLVTXHꢀ9&'ꢍ&'ꢂ  
&KDQJHꢀODꢀODQJXHꢀGHVꢀ6286ꢄ7,75(6ꢀVXUꢀXQHꢀGLVTXHꢀ'9'ꢀDYHFꢀVRXVꢄWLWUHVꢀHQꢀSOXVLHXUVꢀODQJXHVꢂ  
(QꢀPRGHꢀUDGLRꢁꢀDSSX\H]ꢀVXUꢀOHꢀERXWRQꢀSRXUꢀXQHꢀUpFHSWLRQꢀjꢀGLVWDQFHꢀORUVTXHꢀYRXVꢀrWHVꢀGDQVꢀXQꢀ  
HQGURLWꢀjꢀIDLEOHꢀUpFHSWLRQꢂꢀ5HOkFKH]ꢀSRXUꢀXQꢀVLJQDOꢀSOXVꢀIRUWꢂ  
ꢑꢂꢀ68%7,7/(ꢀ/2ꢍ';  
ꢒꢂꢀꢀꢀ5(',$/ꢍꢀ  
ꢓꢂꢀꢀꢀ*272ꢍꢀ  
ꢔꢂꢀꢀꢀꢀꢀꢍꢀꢀ  
$SSX\H]ꢀVXUꢀFHꢀERXWRQꢀSRXUꢀXWLOLVHUꢀODꢀIRQFWLRQꢀ%OXHWRRWKꢁꢀYHXLOOH]ꢀYRXVꢀUpIpUHUꢀjꢀODꢀSDJHꢀꢒꢌꢂ  
%RXWRQꢀGHꢀUHFKHUFKHꢀGXꢀGLVTXHꢁꢀXWLOLVpꢀHQꢀFRPSOpPHQWꢀGHVꢀERXWRQVꢀQXPpULTXHVꢂ  
'DQVꢀOHꢀPHQXꢀ%OHXWRRWKꢁꢀLOꢀVHUWꢀGHꢀERXWRQꢀꢀꢀꢀꢀꢀꢀGHꢀYRWUHꢀWpOpSKRQHꢀSRUWDEOHꢂ  
$SSX\H]ꢀVXUꢀꢀꢀꢀꢀꢀꢀꢀSRXUꢀVDXWHUꢀODꢀSLVWHꢀVXLYDQWHꢀ ꢀDSSX\H]ꢀVXUꢀꢀꢀꢀꢀꢀꢀꢀSRXUꢀVDXWHUꢀXQHꢀSLVWHꢀHQꢀDUULqUHꢂ  
ꢉ1RWHꢃꢀ(QꢀPRGHꢀ'9'ꢁꢀDSSX\H]ꢀHQꢀFRQWLQXꢀjꢀGHX[ꢀUHSULVHVꢀVXUꢀꢀꢀꢀꢀꢀꢀꢀSRXUꢀVDXWHUꢀHQꢀDUULqUHꢀG¶XQHꢀSLVWHꢊꢂ  
$SSX\H]ꢀjꢀSOXVLHXUVꢀUHSULVHVꢀSRXUꢀFKDQJHUꢀGHꢀPRGHꢀSDUꢀOHꢀYROXPHꢁꢀOHVꢀEDVVHVꢁꢀOHVꢀDLJXsVꢁꢀOHꢀIDGHUꢁꢀODꢀ  
FRXOHXUꢁꢀODꢀOXPLQRVLWpꢁꢀOHꢀFRQWUDVWHꢀHWꢀOHVꢀPRGHVꢀGHꢀWHLQWHVꢀHWꢀ%OXHWRRWKꢂ  
$SSX\H]ꢀVXUꢀFHWWHꢀWRXFKHꢀSRXUꢀUpJOHUꢀOHꢀYROXPHꢂ  
ꢌꢐꢂꢀ6(/  
ꢌꢌꢂꢀ92/ꢕꢍ92/ꢄ  
ꢌꢅꢂꢀꢀꢀꢀꢀꢍꢀꢀꢀꢀꢍꢀꢀꢀꢀꢀꢍꢀ  
6LꢀYRXVꢀrWHVꢀHQꢀPRGHꢀ0(18ꢀ'(ꢀ&21),*85$7,21ꢁꢀOHVꢀERXWRQVꢀꢀꢀꢀꢀꢍꢀꢀꢀꢀꢍꢀꢀꢀꢀꢀꢍꢀꢀꢀꢀꢀVHUYHQWꢀGHꢀERXWRQVꢀ  
FXUVHXUVꢀSRXUꢀVpOHFWLRQQHUꢀO¶LWHPꢀJDXFKHꢍGURLWꢁꢀDYDQWꢍDUULqUHꢂ  
$SSX\H]ꢀOpJqUHPHQWꢀVXUꢀFHWWHꢀWRXFKHꢀSRXUꢀDIILFKHUꢀOHꢀPHQXꢀSULQFLSDOꢀGXꢀ'9'ꢍ9&'ꢂꢀ$SSX\H]ꢀSOXVꢀ  
ORQJXHPHQWꢀSRXUꢀDOOXPHUꢀHWꢀpWHLQGUHꢀOHꢀ&$,6621ꢀ'(ꢀ%$66(6  
ꢌꢇꢂꢀ0(18  
ꢀꢀꢀꢀꢀꢀ68%ꢀ:22)(5  
ꢌꢋꢂꢀ%$1'ꢀꢉ26'ꢊ  
(QꢀPRGHꢀ5DGLRꢁꢀDSSX\H]ꢀVXUꢀFHꢀERXWRQꢀVXFFHVVLYHPHQWꢀSRXUꢀEDVFXOHUꢀHQWUHꢀOHVꢀFLQTꢀEDQGHVꢀUDGLRꢂꢀ  
)0ꢌꢀ!ꢀ)0ꢅꢀ!ꢀ)0ꢇꢀ!ꢀ$0ꢌꢀ!ꢀ$0ꢅꢂ  
(QꢀPRGHVꢀGHꢀOHFWXUHꢀGHꢀGLVTXHꢁꢀDSSX\H]ꢀVXUꢀFHꢀERXWRQꢀSRXUꢀYRLUꢀOHVꢀLQIRUPDWLRQVꢀFRQFHUQDQWꢀOHꢀ  
GLVTXHꢀHQꢀFRXUVꢂꢀ$SSX\H]ꢀVXUꢀFHꢀERXWRQꢀSRXUꢀDOOXPHUꢀO¶DSSDUHLOꢁꢀDSSX\H]ꢀHWꢀPDLQWHQH]ꢀSRXUꢀpWHLQGUHꢀ  
O¶DSSDUHLOꢂꢀ$SSX\H]ꢀEULqYHPHQWꢀSRXUꢀVpOHFWLRQQHUꢀOHꢀ0RGHꢀ0XVLTXHꢀ79ꢀ'LVFꢁꢀ5DGLRꢁꢀ$8;ꢀ,Qꢁꢀ%7ꢀ  
(QꢀPRGHꢀ',648(ꢁꢀGpPDUUHꢀODꢀOHFWXUHꢁꢀDUUrWHꢀO¶LPDJHꢍODꢀSLVWHꢀ(QꢀPRGHꢀUDGLRꢁꢀVpOHFWLRQꢀ37<ꢀGXꢀW\SHꢀGHꢀ  
SURJUDPPHꢂꢀ(QꢀPRGHꢀUDGLRꢀꢉORUVTXHꢀOHꢀPRGHꢀ5'6ꢀHVWꢀHQJDJpꢊꢁꢀDSSX\H]ꢀVXUꢀFHꢀERXWRQꢀSRXUꢀIDLUHꢀXQHꢀ  
VpOHFWLRQꢀSDUPLꢀOHVꢀVWDWLRQVꢀGLVSRQLEOHVꢀ37<  
ꢌꢎꢂꢀꢀꢀꢀꢀꢍ02'  
ꢌꢑꢂꢀ3/$<ꢍ3$86(  
$SSX\H]ꢀVXUꢀOHꢀERXWRQꢀSRXUꢀPHWWUHꢀOHꢀVRQꢀPXHWꢂ  
ꢌꢒꢂꢀ087(  
ꢌꢓꢂꢀ7,7/(ꢍ3%&  
ꢀꢀꢀꢀꢀꢀꢉ$ꢍ3ꢊ  
$IILFKHꢀOHꢀPHQXꢀ7,75(ꢀTXLꢀHVWꢀHQUHJLVWUpꢀVXUꢀOHꢀGLVTXHꢀ'9'ꢀHQꢀFKDQJHDQWꢀHQWUHꢀ3%&ꢀ21ꢀHWꢀ3%&ꢀ2))ꢀ  
VXUꢀOHꢀGLVTXHꢀ9&'ꢀꢉ(QUHJLVWUHPHQWꢀDXWRPDWLTXHꢀHWꢀIRQFWLRQꢀGHꢀEDOD\DJHꢀSUpUpJOpꢀGHVꢀVWDWLRQVꢀGHꢀ  
UDGLRꢂ  
$SSX\H]ꢀVXUꢀFHWWHꢀWRXFKHꢀSRXUꢀFKDQJHUꢀO¶DQJOHꢀGHꢀYXHꢀGHꢀODꢀIDoDGHꢂ  
&KDQJHPHQWꢀGHꢀO¶DQJOHꢀGHꢀYXHꢀVXUꢀXQꢀGLVTXHꢀ'9'ꢀDQJOHVꢀPXOWLSOHVꢂ  
$SSX\H]ꢀVXUꢀFHWWHꢀWRXFKHꢀSRXUꢀDOOXPHUꢀODꢀIRQFWLRQꢀpJDOLVHXUꢂꢀ(QꢀPRGHꢀUDGLRꢁꢀDSSX\H]ꢀVXUꢀFHWWHꢀWRXFKHꢀ  
SRXUꢀDXJPHQWHUꢀO¶HIIHWꢀGHꢀEDVVHVꢂ  
$SSX\H]ꢀVXUꢀꢀꢀꢀꢀꢀꢀSRXUꢀIDLUHꢀXQHꢀUHFKHUFKHꢀUDSLGHꢀYHUVꢀO¶DYDQWꢀ ꢀꢀꢀꢀꢀꢀꢀSRXUꢀIDLUHꢀXQHꢀUHFKHUFKHꢀUDSLGH  
HQꢀDUULqUHꢂ  
&RQILUPHUꢀODꢀ3LVWHꢍOHꢀ&KDSLWUHꢀVpOHFWLRQQpꢀDYHFꢀOHVꢀWRXFKHVꢀQXPpULTXHVꢀRXꢀVpOHFWLRQQpHVꢀDYHFꢀOHVꢀ  
ERXWRQVꢀGXꢀFXUVHXUꢀjꢀO¶pFUDQꢀGXꢀSRVWHꢀ79  
ꢌꢔꢂꢀꢀ  
ꢅꢐꢂꢀ$1*/(  
ꢅꢌꢂꢀ(4ꢍ/28'  
ꢅꢅꢂꢀꢀꢀꢀꢀꢍꢀ  
ꢅꢇꢂꢀ(17(5  
ꢀꢀꢀꢑꢑꢂ  
6L[ꢀERXWRQVꢀGHꢀPpPRLUHꢀSUpUpJOpVꢂ  
ꢅꢋꢂꢀ35(5(*/$*(ꢀ5$',2  
ꢅꢎꢂꢀꢐꢀ±ꢀꢔꢀ  
&HVꢀERXWRQVꢀVRQWꢀXWLOLVpVꢀFRPPHꢀHQWUpHꢀQXPpULTXHꢀGHꢀGLIIpUHQWVꢀPHQXVꢂꢀ'HꢀSOXVꢁꢀHQꢀPRGHꢀ  
UDGLRꢀꢉORUVTXHꢀ5'6ꢀHVWꢀHQJDJpꢊꢁꢀꢐꢀVHUWꢀGHꢀERXWRQꢀ7$ꢀHWꢀꢔꢀVHUWꢀGHꢀERXWRQꢀ$)ꢀꢂ  
%RXWRQꢀGHꢀVpOHFWLRQꢀGXꢀFKLIIUHꢀGL[ꢁꢀXWLOLVpꢀDYHFꢀOHVꢀERXWRQVꢀQXPpULTXHVꢂ  
'DQVꢀOHꢀPHQXꢀ%OXHWRRWKꢁꢀLOꢀVHUWꢀGHꢀERXWRQꢀꢀꢀGHꢀYRWUHꢀWpOpSKRQHꢀSRUWDEOHꢂ  
ꢅꢑꢂꢀꢕꢌꢐꢍꢀꢖ  
3UpSDUHUꢁODꢁWpOpFRPPDQGH  
,QVHUWLRQꢁGHVꢁ3LOHVꢀ  
ꢌꢂꢀꢀꢀ$SSX\H]ꢀG¶DERUGꢀGDQVꢀOHꢀVHQVꢀLQGLTXpꢀSDUꢀODꢀIOqFKHꢀꢉꢀYRLUꢀꢀꢀꢀꢀꢊꢀHWꢀHQVXLWHꢁꢀUHWLUH]ꢀOHꢀFDFKHꢀGHꢀODꢀSLOHꢀGDQVꢀOHꢀVHQVꢀ  
ꢀꢀꢀꢀꢀꢀLQGLTXpꢀSDUꢀODꢀIOqFKHꢀꢉYRLUꢀꢀꢀꢀꢀꢊꢂ  
ꢅꢂꢀꢀꢀ&KDQJH]ꢀODꢀSLOHꢀHQꢀYHLOODQWꢀjꢀFHꢀTXHꢀODꢀERUQHꢀꢉꢕꢊꢀVRLWꢀVXUꢀOHꢀGHVVXVꢀFRPPHꢀLOOXVWUpꢀꢉYRLUꢀꢀꢀꢀꢀꢊꢂ  
ꢇꢂꢀꢀꢀ,QVpUH]ꢀOHꢀFDFKHꢀGHVꢀSLOHVꢂꢀ3ODFH]ꢀOHꢀFDFKHꢀGDQVꢀVDꢀSRVLWLRQꢀLQLWLDOHꢀHQꢀOHꢀSRXVVDQWꢀꢉYRLUꢀꢀꢀꢊꢂ  
8WLOLVHUꢁODꢁWpOpFRPPDQGHꢀ  
3RLQWH]ꢀODꢀWpOpFRPPDQGHꢀHQꢀGLUHFWLRQꢀGHꢀODꢀGHꢀODꢀPDUTXHꢀ,5ꢀGHꢀODꢀIDoDGHꢀGXꢀOHFWHXUꢀꢉUpFHSWHXUꢀGHꢀVLJQDOꢀGHꢀOD  
WpOpFRPPDQGHꢊꢂ  
$QJOHꢀG¶RSpUDWLRQꢀꢃꢀ(QYLURQꢀꢕꢇꢐꢀGHJUpVꢀGDQVꢀFKDTXHꢀVHQVꢀSDUꢀUDSSRUWꢀjꢀODꢀPDUTXHꢀ,5ꢀGHꢀODꢀIDoDGHꢂ  
ꢀꢀꢀꢑꢒꢂ  
)21&7,211(0(17ꢁ'(ꢁ%$6(  
ꢅꢋ  
ꢌꢔ  
ꢌꢐ  
ꢅꢌ ꢅꢐ  
ꢅꢇ  
5(/  
&$5 '9'ꢂ9&'ꢂ&'ꢂ03ꢄ 3/$<(5 :,7+ 03(*ꢆ  
,5  
5(7  
0,&  
ꢌꢒ  
ꢌꢋ  
7$ꢂ$)  
92/ꢀ  
08  
37<  
3$,5  
ꢌꢓ  
ꢌꢑ  
ꢁꢂ723  
ꢃꢂ537  
ꢄꢂ,17  
ꢆꢂ5'0  
6(/  
%1'  
92/ꢅ  
,
(
2
1
02'  
$8; ,1  
ꢅꢅ  
ꢅꢎ  
ꢌꢇ  
ꢌꢎ  
ꢌꢌ ꢌꢅ  
ꢈꢉꢁ%28721ꢁ5(/  
ꢀꢀꢀꢀ$SSX\H]ꢀVXUꢀOHꢀERXWRQꢀ5(/ꢀSRXUꢀGpWDFKHUꢀODꢀIDoDGHꢀDPRYLEOHꢂ  
ꢊꢉꢁꢁꢁꢁꢁꢁ%87721ꢁꢒ0LVHꢁVRXVꢁWHQVLRQꢐKRUVꢁWHQVLRQꢓꢐ02'ꢁ  
ꢀꢀꢀꢀ$SSX\H]ꢀVXUꢀFHꢀERXWRQꢀSRXUꢀDOOXPHUꢀO¶DSSDUHLOꢁꢀDSSX\H]ꢀHWꢀPDLQWHQH]ꢄOHꢀꢉHQYLURQꢀꢅꢀVHFRQGHVꢊꢀSRXUꢀpWHLQGUHꢀO¶DSSDUHLOꢂꢀ  
ꢀꢀꢀꢀ(QꢀPRGHꢀOHFWXUHꢁꢀYRXVꢀSRXYH]ꢀDSSX\H]ꢀGHVVXVꢀSRXUꢀVpOHFWLRQQHUꢀXQꢀPRGHꢀG¶HQWUpHꢀHQꢀDSSX\DQWꢀVXFFHVVLYHPHQWꢂ  
ꢀꢀꢀꢀ$8;ꢀ,1ꢀ!ꢀ5$',2ꢀ!ꢀ',6&ꢀ!ꢀ%7086,&  
ꢀꢀꢀꢀ6LꢀYRXVꢀrWHVꢀHQꢀPRGHꢀGHꢀOHFWXUHꢀ86%ꢀHWꢀTXHꢀYRXVꢀYRXOH]ꢀVpOHFWLRQQHUꢀOHꢀPRGHꢀ',648(ꢁꢀDSSX\H]ꢀVXUꢀOHꢀERXWRQꢀ6723ꢀ  
ꢀꢀꢀꢀHWꢀHQVXLWHꢀVXUꢀOHꢀERXWRQꢀ*272ꢂ  
ꢄꢆꢋꢉꢁ%28721ꢁ92/ꢑꢐ92/ꢆꢁ ꢁ6(/  
ꢀꢀꢀꢀꢀꢀꢀ$SSX\H]ꢀOpJqUHPHQWꢀVXUꢀOHꢀERXWRQꢀ6(/ꢀSRXUꢀEDVFXOHUꢀGXꢀPHQXꢀVRQꢀDXꢀPHQXꢀLPDJHꢂꢀ$SSX\H]ꢀVXUꢀOHꢀERXWRQꢀ6(/ꢀj  
ꢀꢀꢀꢀꢀꢀꢀSOXVLHXUVꢀUHSULVHVꢀSRXUꢀVpOHFWLRQQHUꢀOHVꢀpOpPHQWVꢀGXꢀPHQXꢀWHOꢀTXHꢀOHꢀYROXPHꢁꢀOHVꢀDLJXsVꢁꢀODꢀEDODQFHꢁꢀOHꢀIDGHUꢁꢀODꢀ  
ꢀꢀꢀꢀꢀꢀꢀFRXOHXUꢁꢀODꢀOXPLQRVLWpꢁꢀOHꢀFRQWUDVWHꢀHWꢀODꢀWHLQWHꢂ  
ꢀꢀꢀꢀꢀꢀꢀ7RXUQH]ꢀHQVXLWHꢀOHꢀERXWRQꢀ92/ꢀꢕꢀꢍꢀꢄꢀSRXUꢀUpJOHUꢀOHꢀPRGHꢀVpOHFWLRQQpꢂ  
ꢀꢀꢀꢀꢀꢀꢀꢉ/DꢀYDOHXUꢀFRUUHVSRQGDQWHꢀV¶DIILFKHUDꢀjꢀO¶pFUDQꢊꢂ  
ꢀꢀꢀꢀꢀꢀꢀ6LꢀOHꢀPRGHꢀQ¶DꢀSDVꢀpWpꢀUpJOpꢀSHQGDQWꢀSOXVLHXUVꢀVHFRQGHVꢁꢀO¶pFUDQꢀUHWRXUQHꢀHQꢀUDGLRꢀQRUPDOꢀRXꢀHQꢀDIILFKDJHꢀ&'ꢂ  
9ROXPH  
%DVV  
7UHEOH %DODQFH  
)DGHU %OXHWRRWK  
7LQW  
&RQWUDVW  
%ULJKW  
&RORU  
%* &RORU  
ꢃꢉꢁ%28721ꢁ%$1'(  
ꢀꢀꢀꢀ(QꢀPRGHꢀ5$',2ꢁꢀDSSX\H]ꢀVXUꢀOHꢀERXWRQꢀ%$1'ꢀGHꢀODꢀIDoDGHꢀRXꢀGHꢀODꢀWpOpFRPPDQGHꢀSRXUꢀVpOHFWLRQQHUꢀODꢀEDQGHꢀUDGLR  
ꢀꢀꢀꢀVRXKDLWpHꢀHWꢀOHꢀQRPꢀGHꢀODꢀEDQGHꢀVpOHFWLRQQpHꢀV¶DIILFKHUDꢀVXUꢀOHꢀ7)7ꢀ$SSX\H]ꢀVXUꢀFHWWHꢀWRXFKHꢀSRXUꢀFKDQJHUꢀOHVꢀEDQGHV  
ꢀꢀꢀꢀFRPPHꢀFLꢄGHVVRXVꢂ  
ꢀꢀꢀꢀ)0ꢀꢀꢀꢀꢀꢀ0:ꢀꢀꢀꢀꢀꢀꢀꢀꢀ  
'DQVꢀOHꢀPHQXꢀ%OXHWRRWKꢁꢀYRXVꢀSRXYH]ꢀDSSX\HUꢀVXUꢀFHꢀERXWRQꢀSRXUꢀXWLOLVHUꢀODꢀIRQFWLRQꢀ%OXHWRRWKꢁꢀYHXLOOH]ꢀYRXVꢀUpIpUHUꢀjꢀ  
ODꢀSDJHꢀꢒꢌꢂ  
ꢌꢉꢁ%28721ꢁ7$ꢐ$)  
)RQFWLRQꢁ7$ꢁꢒ,QIRUPDWLRQVꢁ5RXWLqUHVꢓꢁꢒ5'6ꢁXQLTXHPHQWꢓ  
(QꢀPRGHꢀ5$',2  
/RUVTXHꢀYRXVꢀWRXUQH]ꢀOpJqUHPHQWꢀOHꢀERXWRQꢀ6(/ꢀYHUVꢀ7$ꢍ$)ꢀ7$ꢀRQꢍRIIꢀHVWꢀDFWLYpꢂꢀ(QꢀPRGHꢀUDGLRꢁꢀVXUꢀEDQGHꢀ)0ꢁꢀOD  
IRQFWLRQꢀUHFKHUFKHꢀG¶XQHꢀVWDWLRQꢀDYHFꢀLQIRUPDWLRQVꢀURXWLqUHVꢀHVWꢀDXWRPDWLTXHPHQWꢀPLVHꢀHQꢀPDUFKHꢀꢉ7$ꢀ6((.ꢊꢂ  
6LꢀXQHꢀVWDWLRQꢀDYHFꢀLQIRUPDWLRQVꢀURXWLqUHVꢀHVWꢀUpJOpHꢁꢀ73ꢀV¶DIILFKHꢂ  
(QꢀPRGHꢀ'LVTXHꢁꢀODꢀOHFWXUHꢀHVWꢀLQWHUURPSXHꢀHWꢀODꢀUDGLRꢀHVWꢀUpJOpHꢀVXUꢀO¶LQIRUPDWLRQꢀURXWLqUHꢁꢀ75$)),&ꢀV¶DIILFKHꢂ  
/HꢀYROXPHꢀHVWꢀDXJPHQWpꢀDXWRPDWLTXHPHQWꢀSRXUꢀUpJOHUꢀOHꢀYROXPHꢀPLQLPXPꢀGHVꢀLQIRUPDWLRQVꢀURXWLqUHVꢂꢀ$SUqVꢀO¶DQQRQFHꢁ  
ODꢀUDGLRꢀVHꢀUHPHWꢀDXꢀPRGHꢀSUpFpGHQWꢂ  
$)ꢁ>)UpTXHQFHVꢁ$OWHUQDWLYHV@  
/RUVTXHꢀYRXVꢀWRXUQH]ꢀOHꢀERXWRQꢀ6HOꢀYHUVꢀ7$ꢍ$)ꢀSHQGDQWꢀSOXVꢀGHꢀꢅꢀVHFRQGHVꢁꢀ$)ꢀRQꢍRIIꢀV¶DFWLYHꢂ  
$)ꢀRIIꢃꢀ/HꢀPRGHꢀ$)ꢀHVWꢀpWHLQWꢀꢉDSSX\H]ꢀjꢀQRXYHDXꢀVXUꢀ$)ꢀHWꢀPDLQWHQH]ꢀODꢀWRXFKHꢀHQIRQFpHꢊꢂ  
$)ꢀRQꢃꢀ/HꢀPRGHꢀ$)ꢀHVWꢀDOOXPpꢁꢀODꢀUDGLRꢀYpULILHꢀODꢀIRUFHꢀGXꢀVLJQDOꢁꢀHQꢀFRQWLQXꢂꢀ6LꢀODꢀIUpTXHQFHꢀDOWHUQDWLYHꢀHVWꢀSOXVꢀIRUWHꢀTXHꢀOD  
IUpTXHQFHꢀUpJOpHꢁꢀODꢀUDGLRꢀVHꢀPHWꢀVXUꢀODꢀIUpTXHQFHꢀDOWHUQDWLYHꢀHWꢀ1(:ꢀ)5(48(1&<ꢀV¶DIILFKHꢀjꢀO¶pFUDQꢀSHQGDQWꢀꢅꢀVHFRQGHVꢂ  
$)ꢀFOLJQRWHꢃꢀ/HꢀPRGHꢀ$)ꢀHVWꢀVpOHFWLRQQpꢀPDLVꢀDXFXQHꢀLQIRUPDWLRQꢀ5'6ꢀQ¶HVWꢀHQFRUHꢀUHoXHꢂ  
$SSX\H]ꢀVXUꢀOHꢀERXWRQꢀ6(/ꢀHWꢀPDLQWHQH]ꢄOHꢀHQIRQFpꢀSRXUꢀDFFpGHUꢀjꢀꢃ  
5(*ꢀ21ꢍꢀ5(*ꢀ2))ꢀ3,ꢀ087(ꢍ3,ꢀ6281'ꢁꢀ$)ꢀ2))ꢍꢀ$)ꢀ21ꢂ  
ꢀꢀꢀꢑꢓꢂ  
0RGHꢀUpJLRQDOꢀ21  
/Hꢀ&2'(ꢀ3,ꢀHVWꢀYpULILpꢀORUVTXHꢀODꢀ9(5,),&$7,21ꢀ$)ꢀHVWꢀHQꢀSURJUqVꢂ  
02'(ꢀ5(*,21$/ꢀ2))ꢀꢃ  
/Hꢀ&2'(ꢀ3,ꢀODꢀ&289(5785(ꢀ*(2*5$3+,48(ꢀQ¶HVWꢀSDVꢀYpULILpHꢀORUVTXHꢀODꢀYpULILFDWLRQꢀ$)ꢀHVWꢀHQꢀSURJUqVꢂ  
ꢂꢆꢍꢆꢎꢆꢈꢏꢆꢈꢈꢆꢈꢊꢁꢁ67$7,21ꢁ35(5(*/((  
(QꢁPRGHꢁ5$',2ꢀ  
Dꢊꢀ3RXUꢀPpPRULVHUꢀODꢀIUpTXHQFHꢀHQꢀFRXUVꢁꢀDSSX\H]ꢀVXUꢀQ¶LPSRUWHꢀOHTXHOꢀGHVꢀVL[ꢀERXWRQVꢀGHꢀSUpUpJODJHꢀ>ꢌꢄꢑ@ꢀGHꢀODꢀIDoDGHꢀ  
ꢀꢀꢀꢀRXꢀGHꢀODꢀWpOpFRPPDQGHꢀSHQGDQWꢀSOXVꢀGHꢀꢅꢀVHFRQGHVꢂ  
Eꢊꢀ3RXUꢀUDSSHOHUꢀODꢀPpPRLUHꢀSUpUpJOpHꢁꢀDSSX\H]ꢀVXUꢀXQꢀGHVꢀERXWRQVꢀSUpUpJOpVꢀ>ꢌꢄꢑ@ꢂ  
(QꢁPRGHꢁ'LVTXHꢀ  
$ꢂꢀ$SSX\H]ꢀVXUꢀOHꢀERXWRQꢀꢌꢍꢉ723ꢊꢉꢒꢊꢀSRXUꢀVpOHFWLRQQHUꢀODꢀSUHPLqUHꢀSLVWHꢍOHꢀSUHPLHUꢀFKDSLWUHꢀjꢀOLUHꢂ  
ꢀꢀꢀꢀDꢂꢀ(QꢀPRGHꢀOHFWXUHꢀGHꢀ9&'ꢍ&'ꢍ03ꢇꢁꢀDSSX\H]ꢀVXUꢀOHꢀERXWRQꢀGHꢀODꢀIDoDGHꢀSRXUꢀVpOHFWLRQQHUꢀODꢀSUHPLqUHꢀSLVWHꢍOHꢀSUHPLHUꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀFKDSLWUHꢀjꢀOLUHꢀꢉHQꢀIRQFWLRQꢀGXꢀGLVTXHꢀXWLOLVpꢀHQꢀ9&'ꢊꢂ  
ꢀꢀꢀꢀEꢂꢀ(QꢀOHFWXUHꢀGHꢀGLVTXHꢀ'9'ꢁꢀOHꢀERXWRQꢀꢌꢍ723ꢀHVWꢀLQDFWLIꢂ  
%ꢂꢀ$SSX\H]ꢀORQJXHPHQWꢀVXUꢀOHꢀERXWRQꢀꢅꢍ537ꢀꢉꢓꢊꢀRXꢀDSSX\H]ꢀEULqYHPHQWꢀVXUꢀOHꢀERXWRQꢀ5(3($7ꢀGHꢀODꢀWpOpFRPPDQGHꢀSRXUꢀ  
ꢀꢀꢀꢀVpOHFWLRQQHUꢀOHꢀPRGHꢀGHꢀUpSpWLWLRQꢀFRPPHꢀVXLWꢂꢃ  
&+$37(5ꢀ5(3($7ꢀ21ꢀ  
7,7/( 5(3($7 21  
5(3ꢄ21(  
5(3ꢄ$//  
5(3($7 $//  
ꢀꢀꢀꢀDꢂꢀ5pSqWHꢀHQꢀFRQWLQXꢀOHꢀFKDSLWUHꢍꢀODꢀSLVWHꢀHQꢀFRXUVꢁꢀORUVTXHꢀOHꢀPRGHꢀ5(3ꢄ21(ꢀHVWꢀVpOHFWLRQQpꢂ  
ꢀꢀꢀꢀEꢂꢀ6pOHFWLRQQH]ꢀOHꢀPRGHꢀ5(3ꢄ$//ꢀSRXUꢀUpSpWHUꢀHQꢀFRQWLQXꢀWRXVꢀOHVꢀFKDSLWUHVꢍOHVꢀSLVWHVꢀGXꢀGLVTXHꢀHQꢀFRXUVꢀ  
ꢀꢀꢀꢀFꢂꢀ/DꢀFDUDFWpULVWLTXHꢀ5(3(7(5ꢀQHꢀVXSSRUWHꢀSDVꢀ9&'ꢅꢂꢐꢀꢉDYHFꢀ3%&ꢀ21ꢊꢂꢀ  
&ꢂꢀ$SSX\H]ꢀORQJXHPHQWꢀVXUꢀOHꢀERXWRQꢀꢇꢍꢉ,17ꢊꢀꢉꢔꢊꢀSRXUꢀIDLUHꢀXQꢀEDOD\DJHꢀGXꢀGLVTXHꢂ  
ꢀꢀꢀꢀDꢂꢀ(QꢀOHFWXUHꢀGHꢀGLVTXHꢀ&'ꢁꢀDSSX\H]ꢀVXUꢀOHꢀERXWRQꢀꢇꢍ,17ꢀSRXUꢀOLUHꢀOHVꢀꢑꢀSUHPLqUHꢀVHFRQGHVꢀGHꢀFKDTXHꢀSLVWHꢍFKDSLWUHꢀGXꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀGLVTXHꢀꢉVHORQꢀOHꢀGLVTXHꢊꢂ  
ꢀꢀꢀꢀEꢂꢀ(QꢀOHFWXUHꢀGHꢀGLVTXHꢀ03ꢇꢁꢀOHꢀERXWRQꢀꢇꢍ,17ꢀHVWꢀLQDFWLIꢂ  
ꢀꢀꢀꢀFꢂꢀHQꢀPRGHꢀ9&'ꢁꢀHQꢀDSSX\DQWꢀORQJWHPSVꢀVXUꢀOHꢀERXWRQꢀꢇꢍ,17ꢀO¶pFUDQꢀV¶DIILFKHUDꢀFRPPHꢀVXLWꢀꢉHQꢀDSSX\DQWꢀjꢀQRXYHDXꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀORQJWHPSVꢁꢀYRXVꢀTXLWWHUH]ꢀFHꢀPRGHꢊꢂ  
6(/(&7 ',*(67 7<3(ꢃ  
75$&. ',*(67  
',6& ,17(59$/  
75$&. ,17(59$/  
ꢀꢀꢀꢀꢀꢀꢀꢀꢌꢂꢀ8WLOLVH]ꢀOHVꢀERXWRQVꢀŸꢍźꢍŹꢍŻꢀGHꢀODꢀWpOpFRPPDQGHꢀSRXUꢀVpOHFWLRQQHUꢀO¶pOpPHQWꢀHWꢀDSSX\H]ꢀVXUꢀOHꢀERXWRQꢀ(17(5ꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀSRXUꢀFRQILUPHUꢂ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢅꢂꢀ(QꢀPRGHꢀ75$&.ꢀ',*(67ꢀRXꢀHQꢀPRGHꢀ',6&ꢍ75$&.ꢀ,17(59$/ꢂꢀ8WLOLVH]ꢀOHVꢀERXWRQVꢀŸꢍźꢍŹꢍŻꢀSRXUꢀVpOHFWLRQQHUꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀOHVꢀpOpPHQWVꢀHWꢀDSSX\H]ꢀHQVXLWHꢀVXUꢀOHꢀERXWRQꢀ(17(5ꢀSRXUꢀFRQILUPHUꢂ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ9RXVꢀSRXYH]ꢀDXVVLꢀVpOHFWLRQQHUꢀOHVꢀpOpPHQWVꢀHQꢀXWLOLVDQWꢀOHVꢀERXWRQVꢀQXPpULTXHVꢀFRUUHVSRQGDQWVꢀHWꢀDSSX\H]ꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀHQVXLWHꢀVXUꢀOHꢀERXWRQꢀ(17(5ꢀSRXUꢀFRQILUPHUꢂ  
ꢀꢀꢀꢀGꢂꢀ(QꢀPRGHꢀ9&'ꢁꢀHQꢀDSSX\DQWꢀORQJWHPSVꢀVXUꢀOHꢀERXWRQꢀꢇꢍ,17ꢀO¶pFUDQꢀV¶DIILFKHUDꢀFRPPHꢀVXLWꢀꢉHQꢀDSSX\DQWꢀjꢀQRXYHDXꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀORQJWHPSVꢁꢀYRXVꢀTXLWWHUH]ꢀFHꢀPRGHꢊꢂ  
6(/(&7 ',*(67 7<3(ꢃ  
7,7/( ',*(67  
&+$37(5 ',*(67  
7,7/( ,17(59$/  
&+$37(5 ,17(59$/  
ꢀꢀꢀꢀꢌꢂꢀ8WLOLVH]ꢀOHVꢀERXWRQVꢀŸꢍźꢍŹꢍŻꢀGHꢀODꢀWpOpFRPPDQGHꢀSRXUꢀVpOHFWLRQQHUꢀO¶pOpPHQWꢀHWꢀDSSX\H]ꢀVXUꢀOHꢀERXWRQꢀ(17(5ꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀSRXUꢀFRQILUPHUꢂ  
ꢀꢀꢀꢀꢅꢂꢀ(QꢀPRGHꢀ7,7/(ꢍ&+$37(5ꢀ',*(67ꢀRXꢀHQꢀPRGHꢀ7,7/(ꢍ&+$37(5ꢀ,17(59$/ꢀꢂ8WLOLVH]ꢀOHVꢀERXWRQVꢀŸꢍźꢍŹꢍŻꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀSRXUꢀVpOHFWLRQQHUꢀOHVꢀpOpPHQWVꢀHWꢀDSSX\H]ꢀHQVXLWHꢀVXUꢀOHꢀERXWRQꢀ(17(5ꢀSRXUꢀFRQILUPHUꢂ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀ9RXVꢀSRXYH]ꢀDXVVLꢀVpOHFWLRQQHUꢀOHVꢀpOpPHQWVꢀHQꢀXWLOLVDQWꢀOHVꢀERXWRQVꢀQXPpULTXHVꢀFRUUHVSRQGDQWVꢀHWꢀDSSX\H]ꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀHQVXLWHꢀVXUꢀOHꢀERXWRQꢀ(17(5ꢀSRXUꢀFRQILUPHUꢂ  
'ꢂꢀ$SSX\H]ꢀORQJWHPSVꢀVXUꢀꢋꢍ5'0ꢀꢉꢌꢐꢊꢀSRXUꢀOLUHꢀOHꢀGLVTXHꢀGHꢀPDQLqUHꢀDOpDWRLUHꢂ  
ꢀꢀꢀꢀ(QꢀOHFWXUHꢀGHꢀGLVTXHꢀ'9'ꢍ9&'ꢍ&'ꢍ03ꢇꢁꢀDSSX\H]ꢀVXUꢀOHꢀERXWRQꢀꢋꢍ5'0ꢀGHꢀODꢀIDoDGHꢀSRXUꢀOLUHꢀGDQVꢀXQꢀRUGUHꢀDOpDWRLUHꢀ  
ꢀꢀꢀꢀꢉVHORQꢀOHꢀGLVTXHꢊꢂ  
ꢀꢀꢀꢑꢔꢂ  
ꢈꢄꢉꢁ$36ꢐ',63ꢁ%87721  
(QꢁPRGHꢁ5$',2ꢀ  
Dꢊꢀ)RQFWLRQꢀ0pPRLUHꢀꢃ  
7RXUQH]ꢀOHꢀERXWRQꢀ6(/ꢀYHUVꢀ$36ꢍ',63ꢀSHQGDQWꢀꢅꢀVHFRQGHVꢀSRXUꢀDFWLYHUꢀODꢀPpPRLUHꢀDXWRPDWLTXHꢂꢀ/DꢀUDGLRꢀUHFKHUFKHꢀ  
VXUꢀODꢀEDQGHꢀ)0ꢀHQꢀFRXUVꢂꢀ([ꢀꢃꢀ)0ꢌꢁꢀSRXUꢀODꢀVWDWLRQꢀODꢀSOXVꢀIRUWHꢀHWꢀDOORXHꢀODꢀPpPRLUHꢀFRUUHVSRQGDQWHꢂꢀ6LꢀYRXVꢀYRXOH]  
HQUHJLVWUHUꢀG¶DXWUHVꢀVWDWLRQVꢀVXUꢀODꢀEDQGHꢀ)0ꢁꢀDSSX\H]ꢀVXUꢀOHꢀERXWRQꢀ%1'ꢀꢉꢎꢊꢀSRXUꢀVpOHFWLRQQHUꢀ)0ꢅꢀRXꢀ)0ꢇꢂꢀ7RXUQH]  
QRXYHDXꢀOHꢀERXWRQꢀ6(/ꢀYHUVꢀ$36ꢍ',63ꢀSHQGDQWꢀꢅꢀVHFRQGHVꢀFRQWLQXHUꢀjꢀFKHUFKHUꢂ  
Eꢊꢀ)RQFWLRQꢀ%DOD\DJHꢀꢃ  
(QꢀPRGHꢀUDGLRꢁꢀWRXUQH]ꢀOHꢀERXWRQꢀ6(/ꢀGDQVꢀOHꢀVHQVꢀGHꢀ$36ꢍ',63ꢀSRXUꢀEDOD\HUꢀHWꢀOLUHꢀWRXWHVꢀOHVꢀVWDWLRQVꢀSUpUpJOpHVꢀ  
GDQVꢀO¶RUGUHꢀHWꢀPDLQWHQH]ꢀFKDTXHꢀEDQGHꢀSHQGDQWꢀꢎꢀVHFRQGHVꢂꢀ$SSX\H]ꢀVXUꢀOHꢀERXWRQꢀ3/$<ꢍ3$86(ꢀSRXUꢀDUUrWHUꢀOHꢀ  
EDOD\DJHꢂ  
(Qꢁ0RGHꢁ'LVTXHꢀ  
7RXUQH]ꢀOpJqUHPHQWꢀOHꢀERXWRQꢀ6(/ꢀYHUVꢀ$36ꢍ',63ꢀSRXUꢀQHꢀPHWWUHꢀDYRLUꢀO¶DXGLRꢃꢀO¶LPDJHꢀQHꢀVHUDꢀSDVꢀDIILFKpHꢀjꢀO¶pFUDQ  
ꢉUHSODFH]ꢀOHꢀERXWRQꢀSRXUꢀUHSUHQGUHꢀODꢀOHFWXUHꢀHQꢀPRGHꢀYLGpRꢊꢂꢀ$SSX\H]ꢀVXUꢀOHꢀERXWRQꢀ6(/ꢀjꢀSOXVLHXUVꢀUHSULVHVꢀSRXU  
VpOHFWLRQQHUꢀ%*ꢀ&2/25ꢀHWꢀWRXUQH]ꢀ92/ꢕꢍꢄꢀSRXUꢀVpOHFWLRQQHUꢀODꢀFRXOHXUꢀGHꢀIRQGꢀGHꢀ³$872ꢁꢀ%*ꢀ&2/25ꢃꢀꢐꢌꢀ«ꢀ%*  
&2/25ꢂꢌꢌ´ꢀHQꢀPRGHꢀ$872ꢂ  
/DꢀFRXOHXUꢀGHꢀIRQGꢀGHꢀO¶pFUDQꢀVHꢀFKDQJHUDꢀDXWRPDWLTXHPHQWꢂ  
ꢈꢋꢉꢁ%28721ꢁ08ꢐ37<  
$SSX\H]ꢀOpJqUHPHQWꢀVXUꢀOHꢀERXWRQꢀSRXUꢀpWHLQGUHꢀOHVꢀKDXWꢄSDUOHXUVꢀSHQGDQWꢀTXHOTXHVꢀLQVWDQWVꢂꢀ/HꢀPRWꢀ087(ꢀFOLJQRWHꢀj  
O¶pFUDQꢂꢀ$SSX\H]ꢀjꢀQRXYHDXꢀSRXUꢀDQQXOHUꢀODꢀIRQFWLRQꢀVRQꢀPXHWꢂꢀ&HWWHꢀIRQFWLRQꢀSHXWꢀDXVVLꢀrWUHꢀDQQXOpHꢀHQꢀXWLOLVDQWꢀOH  
ERXWRQꢀPXOWLIRQFWLRQVꢀ92/ꢂ  
)21&7,21ꢁ37<ꢁꢒ7<3(ꢁ'(ꢁ352*5$00(ꢓ  
(QꢀPRGHꢀ5$',2ꢁꢀDSSX\H]ꢀHWꢀPDLQWHQH]ꢀODꢀWRXFKHꢀHQIRQFpHꢀꢉSHQGDQWꢀHQYLURQꢀꢅꢀVHFRQGHVꢊꢁꢀYRXVꢀSRXYH]ꢀVpOHFWLRQQHUꢀOH  
W\SHꢀ37<ꢀFRPPHꢀFLꢄGHVVRXVꢀꢃ  
1289(//(6ꢁꢀ$))$,5(6ꢁꢀ,1)2ꢁꢀ63257ꢀ('8&$7,21ꢁꢀ7+($75(ꢁꢀ&8/785(ꢁꢀ6&,(1&(ꢁꢀ9$5,(ꢁꢀ086,48(ꢀ323  
086,48(ꢀ52&.ꢁꢀ086,48(ꢀ($6<ꢀ/,67(1,1*ꢁꢀ086,48(ꢀ'28&(ꢁꢀ$875(6ꢀ086,48(6ꢁꢀ0(7(2ꢁꢀ),1$1&(ꢁ  
(1)$176ꢁꢀ62&,$/ꢁꢀ5(/,*,21ꢁꢀ7(/(3+21(ꢁꢀ92<$*(6ꢁꢀ/2,6,56ꢁꢀ-$==ꢁꢀ&28175<ꢀ086,48(ꢀ1$7,21$/(ꢁ  
1267$/*,(ꢁꢀ086,48(ꢀ)2/.ꢁꢀ'2&80(17$,5(ꢁꢀ7(676ꢁꢀ$/$50(ꢀꢂꢀ/RUVTXHꢀYRXVꢀVpOHFWLRQQH]ꢀODꢀWRXFKHꢀ37<ꢀODꢀUDGLR  
FRPPHQFHꢀjꢀFKHUFKHUꢀO¶LQIRUPDWLRQꢀ37<ꢀFRUUHVSRQGDQWHꢀꢉ37<ꢀ6((.ꢊꢀHWꢀV¶DUUrWHꢀVLꢀO¶LQIRUPDWLRQꢀ37<ꢀFRUUHVSRQGDQWHꢀHVW  
GpWHFWpHꢂꢀ6LꢀO¶LQIRUPDWLRQꢀ37<ꢀFRUUHVSRQGDQWHꢀHVWꢀSHUGXHꢁꢀO¶DSSDUHLOꢀTXLWWHꢀOHꢀPRGHꢀ37<ꢀHVWꢀUHWRXUQHꢀDXWRPDWLTXHPHQWꢀHQ  
PRGHꢀQRUPDOꢂ  
ꢈꢃꢉꢁꢁꢁꢁ%RXWRQꢁꢒ$1*/(ꢓ  
9RXVꢀSRXYH]ꢀFKDQJHUꢀO¶DQJOHꢀGHꢀYXHꢀGHꢀO¶DSSDUHLOꢂꢀ$SSX\H]ꢀVXUꢀFHꢀERXWRQꢀMXVTX¶jꢀTXDWUHꢀUHSULVHVꢀDILQꢀGHꢀVpOHFWLRQQHUꢀOD  
SRVLWLRQꢀGpVLUpHꢂ  
ꢈꢌꢉꢁꢁꢁꢁꢁꢁꢐ37<ꢁ%87721  
$SSX\H]ꢀVXUꢀꢀꢀꢀꢀꢀꢀSHQGDQWꢀODꢀOHFWXUHꢀSRXUꢀO¶DUUrWHUꢀWHPSRUDLUHPHQWꢂꢀ5HWRXUQH]ꢀjꢀODꢀOHFWXUHꢀQRUPDOHꢀHQꢀDSSX\DQWꢀHQFRUHꢀ  
XQHꢀIRLVꢀVXUꢀꢀꢀꢀꢀꢂ  
ꢈꢂꢉꢁꢁꢁꢁꢁꢐꢁꢁꢁꢁꢁ%287216ꢁꢒ781(ꢅꢁ6((.ꢅꢁ75$&.ꢅꢁ6.,3ꢁ83ꢐ'2:1ꢓ  
Dꢊꢀ(QꢀPRGHꢀ',648(ꢁꢀ86%ꢀꢃ  
6LꢀYRXVꢀGpVLUH]ꢀVDXWHUꢀHQꢀDYDQWꢀRXꢀHQꢀDUULqUHꢁꢀDSSX\H]ꢀOpJqUHPHQWꢀVXUꢀOHꢀERXWRQꢀ6(/ꢀꢉꢋꢊꢀGDQVꢀOHꢀVHQVꢀꢀꢀꢀꢀꢀRXꢀꢀꢀꢀꢀꢀꢉ1RWHꢃ  
HQꢀPRGHꢀ'9'ꢁꢀDSSX\H]ꢀVXUꢀOHꢀERXWRQꢀ6(/ꢀGHX[ꢀIRLVꢀHQꢀFRQWLQXꢀGDQVꢀOHꢀVHQVꢀꢀꢀꢀꢀꢀSRXUꢀVDXWHUꢀXQHꢀSLVWHꢀHQꢀDUULqUH  
SHQGDQWꢀODꢀOHFWXUHꢂꢊ  
1RWHꢃꢀ6XUꢀFHUWDLQVꢀGLVTXHVꢀ9&'ꢅꢂꢐꢀꢉ&RPPDQGHꢀ/HFWXUHꢀ3%&ꢊꢁꢀLOꢀVHꢀSHXWꢀTXHꢀOHVꢀERXWRQVꢀꢀꢀꢀꢀꢀHWꢀꢀꢀꢀꢀꢀQHꢀVRLHQWꢀSDVꢀDFWLIVꢂ  
3RXUꢀSDUFRXULUꢀOHVꢀSLVWHVꢁꢀPDLQWHQH]ꢀODꢀWRXFKHꢀ6(/ꢀHQIRQFpHꢀGDQVꢀOHꢀVHQVꢀRXꢀSHQGDQWꢀHQYLURQꢀꢅꢀVHFRQGHVꢂꢀ))ꢀ;ꢅ  
DSSDUDvWꢀjꢀO¶pFUDQꢂꢀ(QꢀDSSX\DQWꢀjꢀQRXYHDXꢀVXUꢀOHꢀERXWRQꢀ6(/ꢁꢀODꢀYLWHVVHꢀG¶DYDQFHꢍGHꢀUHWRXUꢀUDSLGHVꢀFKDQJHꢀHQ  
IRQFWLRQꢀGXꢀGLVTXHꢀFRPPHꢀVXLWꢃ  
1RUPDO 3OD\EDFN ꢅ[  
ꢋ[  
ꢓ[  
ꢌꢑ[  
'9'ꢍ9&'ꢍ&'ꢍ03ꢇꢃ  
Eꢊꢀ(QꢀPRGHꢀ5$',2ꢃ  
ꢀꢀꢀꢀ7RXUQH]ꢀOHꢀERXWRQꢀ6(/ꢀVXUꢀꢀꢀꢀꢀꢀꢍꢀꢀꢀꢀꢀꢂꢀ$SSX\H]ꢀHWꢀPDLQWHQH]ꢀOHꢀERXWRQꢀ6(/ꢀHQIRQFpꢀVXUꢀꢀꢀꢀꢀꢀꢍꢀꢀꢀꢀꢀꢀDILQꢀGHꢀFRPPHQFHUꢀj  
ꢀꢀꢀꢀUHFKHUFKHUꢀDXWRPDWLTXHPHQWꢀXQHꢀVWDWLRQꢀUDGLRꢂ  
ꢈꢍꢉꢁ3$,5ꢐꢁꢁꢁꢁꢁ%87721ꢁ  
'DQVꢀPHQXꢀ%OXHWRRWKꢁꢀDSSX\H]ꢀVXUꢀFHꢀERXWRQꢀSRXUꢀXWLOLVHUꢀODꢀIRQFWLRQꢀ%OXHWRRWKꢁꢀYHXLOOH]ꢀYRXVꢀUpIpUHUꢀjꢀODꢀSDJHꢀꢒꢌꢂ  
ꢈꢎꢉꢁꢁꢁꢁꢁꢁꢁ%28721ꢁꢒ(-(&7ꢓ  
$SSX\H]ꢀVXUꢀFHꢀERXWRQꢀSRXUꢀLQVpUHUꢀRXꢀVRUWLUꢀOHꢀGLVTXHꢂꢀ/¶DSSDUHLOꢀEDVFXOHꢀYHUVꢀOHꢀEDVꢂꢀ,QVpUH]ꢀGRXFHPHQWꢀOHꢀGLVTXHꢁ  
DYHFꢀOHꢀODEHOꢀVXUꢀOHꢀGHVVXVꢁꢀGDQVꢀODꢀIHQWHꢀGXꢀ&'ꢀMXVTX¶jꢀFHꢀTXHꢀO¶DSSDUHLOꢀUHQWUHꢀDXWRPDWLTXHPHQWꢀOHꢀ&'ꢍ'9'ꢂ  
/¶DSSDUHLOꢀEDVFXOHUDꢀDXWRPDWLTXHPHQWꢀHQꢀSRVLWLRQꢀQRUPDOHꢂ  
ꢀꢀꢀꢒꢐꢂ  
ꢊꢏꢉꢁ%28721ꢁ5(6(7  
/HꢀERXWRQꢀ5(6(7ꢀHVWꢀSODFpꢀVXUꢀOHꢀERvWLHUꢀHWꢀGRLWꢀrWUHꢀDFWLYpꢀVRLWꢀDYHFꢀODꢀSRLQWHꢀG¶XQꢀVW\ORꢀELOOHꢀRXꢀDYHFꢀXQꢀREMHWꢀILQꢀHQꢀPpWDO  
/HꢀERXWRQꢀ5(6(7ꢀGRLWꢀrWUHꢀDFWLYpꢀGDQVꢀOHVꢀFDVꢀVXLYDQWVꢀꢃ  
$ꢂꢀ,QVWDOODWLRQꢀLQLWLDOHꢀGHꢀO¶DSSDUHLOꢀORUVTXHꢀWRXVꢀOHVꢀFkEODJHVꢀVRQWꢀHIIHFWXpVꢂ  
%ꢂꢀ7RXVꢀOHVꢀERXWRQVꢀGHꢀIRQFWLRQꢀQHꢀVRQWꢀSDVꢀRSpUDWLRQQHOVꢂ  
&ꢂꢀ6\PEROHꢀG¶HUUHXUꢀjꢀO¶pFUDQꢂ  
ꢊꢈꢉꢁ,5  
&DSWHXUꢀGHꢀODꢀWpOpFRPPDQGHꢂ  
ꢊꢊꢉꢁ3ULVHꢁ$8;ꢁ,1ꢁ  
&RQQHFWH]ꢀOHVꢀDSSDUHLOVꢀDQDORJLTXHVꢀLFLꢂꢀ8WLOLVH]ꢀFHꢀMDFNꢀSRXUꢀFRQQHFWHUꢀXQꢀpTXLSHPHQWꢀH[WHUQHꢀWHOꢀTXHꢀGHVꢀOHFWHXUVꢀ  
'9'ꢁꢀGHVꢀRUGLQDWHXUVꢁꢀHWFꢂꢂ  
ꢌꢂꢀ9HXLOOH]ꢀFRQQHFWHUꢀO¶DSSDUHLOꢀH[WHUQHꢀDYHFꢀODꢀSULVHꢀMDFNꢀVWpUpRꢀjꢀODꢀSULVHꢀ$8;ꢀ,1ꢂ  
ꢅꢂꢀ$SSX\H]ꢀVXUꢀOHꢀERXWRQꢀ02'ꢀSRXUꢀVpOHFWLRQQHUꢀODꢀFRQQH[LRQꢀ$8;ꢀ,1ꢂ  
ꢇꢂꢀ8WLOLVH]ꢀ92/ꢕꢍꢄꢀSRXUꢀUpJOHUꢀOHꢀQLYHDXꢀGXꢀYROXPHꢂ  
ꢊꢄꢉꢁ/(&785(ꢁ'(ꢁ',648(ꢁ03ꢄꢐ:0$ꢐ-3(*03(*ꢋ  
ꢀꢀꢀꢀꢀꢀꢌꢂꢀ/RUVTXHꢀYRXVꢀLQVpUH]ꢀXQꢀGLVTXHꢀ03ꢇꢍ:0$ꢍ-3(*  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ([ꢀꢃꢀ/RUVTX¶XQꢀILFKLHUꢀ03ꢇꢀHVWꢀGpWHFWpꢂ  
3LVWHꢀHQꢀFRXUVꢀꢉILFKLHUꢊꢀꢉEDUUHꢀHQꢀVXUEULOODQFHꢊ  
3LVWHꢀHQꢀFRXUVꢀꢉILFKLHUꢊꢀQRPEUHꢍQRPEUHꢀWRWDOꢀGHꢀSLVWHVꢀꢉILFKLHUVꢊꢀGX  
GRVVLHUꢀHQꢀFRXUVꢂ  
7HPSVꢀpFRXOpꢀGHꢀODꢀSLVWHꢀHQꢀFRXUVꢀꢉQRQꢀGLVSRQLEOHꢀVXUꢀGLVTXHꢀ-3(*ꢊꢂ  
7HPSVꢀWRWDOꢂꢀꢉQRQꢀGLVSRQLEOHꢀVXUꢀGLVTXHꢀ-3(*ꢊ  
0RGHꢀGHꢀOHFWXUHꢀVpOHFWLRQQp  
,F{QHꢀGXꢀPRGHꢀG¶RSpUDWLRQꢂꢀŹꢀꢉ/HFWXUHꢊꢁꢀꢀꢀꢀꢀꢀꢉDUUrWꢊꢁꢀꢀꢀꢀꢀꢉSDXVHꢊꢁ  
ꢀꢀꢀꢀꢀꢀꢉDYDQFHꢊꢁꢀꢀꢀꢀꢀꢀꢉUHWRXUꢊꢂ  
ꢀꢀꢀꢀꢀꢀ(QꢀPRGHꢀDUUrWꢁꢀXWLOLVH]ꢀŸꢍźꢍŹꢍŻꢀGHꢀODꢀWpOpFRPPDQGHꢀSRXUꢀVpOHFWLRQQHUꢀO¶pOpPHQWꢀHWꢀDSSX\H]ꢀVXUꢀOHꢀERXWRQꢀ(17(5ꢀ  
ꢀꢀꢀꢀꢀꢀSRXUꢀFRQILUPHUꢂ  
ꢀꢀꢀꢀꢀꢀ6LꢀYRXVꢀDSSX\H]ꢀjꢀSOXVLHXUVꢀUHSULVHVꢀVXUꢀOHꢀERXWRQꢀ5(3($7ꢀYRXVꢀSRXYH]ꢀVpOHFWLRQQHUꢀGHX[ꢀW\SHVꢀGHꢀPRGHVꢀGHꢀUpSpWLWLRQ  
ꢀꢀꢀꢀꢀꢀꢅꢂꢀ5(3ꢄ21(ꢃ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ/HFWXUHꢀGHꢀODꢀPrPHꢀFKDQVRQꢀHQꢀFRQWLQXꢂ  
ꢀꢀꢀꢀꢀꢀꢇꢂꢀ5(3ꢀ$//  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ5pSpWLWLRQꢀGHꢀWRXWHVꢀOHVꢀFKDQVRQVꢀHQꢀFRQWLQXꢂ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ(QꢀPRGHꢀOHFWXUHꢁꢀXWLOLVH]ꢀꢀꢀꢀꢀꢀꢀRXꢀꢀꢀꢀꢀꢀꢀSRXUꢀVDXWHUꢀYHUVꢀO¶DYDQWꢀRXꢀHQꢀDUULqUHꢂ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ(QꢀPRGHꢀOHFWXUHꢁꢀWRXUQH]ꢀOHꢀERXWRQꢀ6(/ꢀSHQGDQWꢀSOXVꢀGHꢀꢅꢀVHFRQGHVꢀꢀꢀꢀꢀꢍꢀꢀꢀꢀꢀꢀRXꢀDSSX\H]ꢀVXUꢀOHꢀERXWRQꢀꢀꢀꢀꢀꢀꢍꢀꢀꢀꢀꢀꢀGHꢀODꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀWpOpFRPPDQGHꢀSRXUꢀIDLUHꢀXQHꢀUHFKHUFKHꢀUDSLGHꢀHQꢀDYDQWꢀRXꢀHQꢀDUULqUHꢂ  
ꢁꢁꢁꢁꢁ5pJODJHꢁGXꢁGpILOHPHQWꢁGHVꢁVRXVꢆWLWUHV  
ꢁꢁꢁꢁꢁꢁ(QꢁPRGHꢁ5$',2ꢀ  
ꢀꢀꢀꢀꢀꢀ9RXVꢀSRXYH]ꢀDMXVWHUꢀOHꢀGpILOHPHQWꢀGHVꢀVRXVꢄWLWUHVꢁꢀODꢀSURFpGXUHꢀHVWꢀODꢀVXLYDQWHꢀꢃ  
ꢀꢀꢀꢀꢀꢀDꢊꢂꢀ$SSX\H]ꢀVXUꢀOHꢀERXWRQꢀ6(783ꢀGHꢀODꢀWpOpFRPPDQGHꢀHWꢀPDLQWHQH]ꢀFHWWHꢀWRXFKHꢀHQIRQFpHꢀꢉSHQGDQWꢀHQYLURQꢀꢅꢀVHFRQGHVꢊꢆ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀOHꢀUpJODJHꢀGHꢀODꢀEDUUHꢀGHꢀGpILOHPHQWꢀV¶DIILFKHUDꢀjꢀO¶pFUDQꢂ  
ꢀꢀꢀꢀꢀꢀEꢊꢂꢀ8WLOLVH]ꢀOHꢀERXWRQꢀ92/ꢕꢍꢄꢀSRXUꢀFKRLVLUꢀHQWUHꢀ³$ꢁꢀ%ꢁꢀ&ꢀꢂꢂꢂꢂꢀ;ꢁꢀ<ꢀ=ꢁꢀHWꢀEODQF´ꢁꢀHWꢀXWLOLVH]ꢀOHꢀERXWRQꢀꢀꢀꢀꢀꢀꢍꢀꢀꢀꢀꢀꢀGHꢀODꢀIDoDGHꢀSRXU  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀODQFHUꢍDQQXOHUꢀHWꢀDSSX\H]ꢀOpJqUHPHQWꢀVXUꢀOHꢀERXWRQꢀ6(783ꢀSRXUꢀFRQILUPHUꢀꢉDSSX\H]ꢀORQJWHPSVꢀVXUꢀOHꢀERXWRQꢀ6(783  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀSRXUꢀUHQRXYHOOHUꢊꢂ  
ꢊꢋꢉꢁ.,7ꢁ'(ꢁ92,785(ꢁ%/8(7227+ꢁ0$18(/ꢁ'(ꢁ/¶87,/,6$7(85  
ꢁꢁꢁꢁꢁꢁꢈꢉꢁµ)DLWHVꢁXQHꢁ3DLUH¶ꢁDYHFꢁYRWUHꢁ7pOpSKRQHꢁ%OXHWRRWKꢁ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ$YDQWꢀG¶XWLOLVHUꢀOHꢀ.LWꢀGHꢀ9RLWXUHꢀSRXUꢀODꢀSUHPLqUHꢀIRLVꢁꢀYRXVꢀGHYH]ꢀIDLUHꢀXQHꢀSDLUHꢀDYHFꢀYRWUHꢀWpOpSKRQHꢀSRUWDEOHꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀFRPSDWLEOHꢀ%OXHWRRWKꢂꢀ/HVꢀpWDSHVꢀVXLYDQWHVꢀYRXVꢀGpFULYHQWꢀOHꢀSDLUDJHꢀG¶XQꢀWpOpSKRQHꢀSRUWDEOHꢀFRPSDWLEOHꢀ%OXWRRWKꢂ  
ꢀꢀꢁꢁꢁꢁꢈꢓꢁ3ODFH]ꢁOHꢁ.LWꢁGHꢁ9RLWXUHꢁHWꢁOHꢁWpOpSKRQHꢁSRUWDEOHꢁjꢁSDVꢁSOXVꢁGHꢁꢈꢁPqWUHꢁGHꢁGLVWDQFHꢉ  
ꢁꢁꢁꢁꢁꢁꢊꢓꢁ0HWWH]ꢁOHꢁ.LWꢁGHꢁ9RLWXUHꢁHQꢁPRGHꢁSDLUDJHꢉ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ$SSX\H]ꢀVXUꢀOHꢀERXWRQꢀ32:(5ꢀSRXUꢀDOOXPHUꢁꢀO¶LF{QHꢀꢀꢀꢀꢀFOLJQRWHUDꢀVXUꢀOHꢀ7)7  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ$SSX\H]ꢀHWꢀPDLQWHQH]ꢀOHꢀERXWRQꢀ³3$,5ꢍꢀꢀꢀꢀꢀꢀ´ꢀMXVTX¶jꢀFHꢀTXHꢀOHꢀPRWꢀ³3$,5,1*ꢀ12:ꢀ´ꢀV¶DIILFKHꢂꢀ  
ꢁꢁꢁꢁꢁꢁꢄꢓꢁ5pJOH]ꢁYRWUHꢁWpOpSKRQHꢁ%OXHWRRWKꢁSRXUꢁµGpFRXYULU¶ꢁOHꢁ.LWꢁGHꢁ9RLWXUHꢉ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ(QꢀVXLYDQWꢀOHꢀJXLGHꢀG¶LQVWUXFWLRQVꢀGHꢀYRWUHꢀWpOpSKRQHꢀSRXUꢀOHVꢀGpWDLOVꢁꢀDFWLYH]ꢀOHꢀODꢀIRQFWLRQꢀ%OXHWRRWKꢀGHꢀYRWUHꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀWpOpSKRQHꢀSRUWDEOHꢁꢀOHꢀFRPELQpꢀUHFKHUFKHꢀOHVꢀDSSDUHLOVꢀ%OXHWRRWKꢀDFFHVVLEOHVꢂ  
ꢁꢁꢁꢁꢁꢁꢋꢓꢁ9RWUHꢁWpOpSRKRQHꢁWURXYHUDꢁFHꢁ.LWꢁ9RLWXUHꢉ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ6pOHFWLRQQH]ꢀOHꢀ.LWꢀ9RLWXUHꢀGDQVꢀODꢀOLVWHꢂ  
ꢀꢀꢀꢒꢌꢂ  
ꢁꢁꢁꢁꢃꢓꢁ(QWUH]ꢁOHꢁPRWꢁGHꢁSDVVHꢁ³ꢍꢍꢍꢍ´ꢅꢁSXLVꢁDSSX\H]ꢁVXUꢁµ2.¶ꢁSRXUꢁIDLUHꢁXQHꢁSDLUHꢁDYHFꢁOHꢁ.LWꢁGHꢁ9RLWXUHꢁHWꢁOHꢁ  
ꢁꢁꢁꢁꢁꢁꢁꢁFRPELQpHꢅꢁOHꢁPRWꢁ³3$,5ꢁ2.ꢅꢁ3/($6(ꢁ&211(&7´ꢁV¶DIILFKHUDꢁVXUꢁODꢁ7)7ꢉ  
ꢁꢁꢁꢁꢌꢓꢁ6pOHFWLRQQH]ꢁ³&211(&7(5´ꢁGDQVꢁODꢁOLVWHꢁGXꢁWpOpSKRQHꢉ  
ꢀꢀꢀꢀꢀꢀꢀꢀ6LꢀYRXVꢀUpDOLVH]ꢀODꢀFRQQH[LRQꢀDYHFꢀVXFFqVꢁꢀO¶LF{QHꢀꢀꢀꢀꢀꢀUHVWHꢀIL[HꢀjꢀO¶pFUDQꢂ  
ꢀꢀꢀꢀꢀꢀꢀꢁ,PSRUWDQWꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀDꢂꢀ6LꢀOHꢀSDLUDJHꢀQHꢀSHXWꢀSDVꢀrWUHꢀHIIHFWXpꢀHQꢀHQYLURQꢀꢅꢀPLQXWHVꢁꢀDORUVꢀTXHꢀOHꢀPRGHꢀSDLUDJHꢀHVWꢀDFWLYpꢁꢀYRXVꢀGHYUH]ꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀUpHVVD\HUꢀOHꢀSDLUDJHꢀꢉYRLUꢀpWDSHVꢀꢅꢄꢎꢀFLꢄGHVVXVꢊꢂ  
ꢀꢀꢀꢀꢀꢀꢀꢀEꢂꢀ8QHꢀIRLVꢀOHꢀSDLUDJHꢀWHUPLQpꢁꢀVLꢀO¶LF{QHꢀꢀHVWꢀHQFRUHꢀHQꢀWUDLQꢀGHꢀFOLJQRWHUꢀjꢀO¶pFUDQꢁꢀYHXLOOH]ꢀVXLYUHꢀOHVꢀpWDSHVꢀSRXUꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀUpHVVD\HUꢀOHꢀSDLUDJHꢀSDUꢀOHꢀFRPELQpꢀMXVTX¶DꢀFHꢀTXHꢀO¶LF{QHꢀꢀꢀꢀꢀꢀVRLWꢀIL[HꢀjꢀO¶pFUDQꢂ  
ꢊꢉꢁ8WLOLVHUꢁOHꢁ.LWꢁGHꢁ9RLWXUHꢁ%OXHWRRWKꢉ  
ꢀꢀꢀꢀ8QHꢀIRLVꢀODꢀFRQQH[LRQꢀWHUPLQpHꢁꢀYRXVꢀSRXYH]ꢀDFFpGHUꢀDX[ꢀIRQFWLRQVꢀVXLYDQWHVꢂꢀ&HUWDLQHVꢀGHVꢀIRQFWLRQVꢀPHQWLRQQpHVꢀ  
ꢀꢀꢀꢀFLꢄGHVVRXVꢀQHꢀVRQWꢀDFFHVVLEOHVꢀTXHꢀSRXUꢀOHVꢀFRPELQpHVꢀVXSSRUWpVꢀSDUꢀOHꢀSURILOꢀPDLQꢄOLEUHꢂ  
5pSRQGUHꢁjꢁXQꢁDSSHO  
8QHꢀIRLVꢀTXHꢀYRXVꢀHQWHQGH]ꢀODꢀVRQQHULHꢀꢉOHꢀQXPpURꢀGHꢀWpOpSKRQHꢀHQWUDQWꢀV¶DIILFKHꢀVXUꢀOHꢀ/&'ꢀ7)7ꢊꢁꢀDSSX\H]ꢀEULqYHPHQWꢀ  
VXUꢀOHꢀERXWRQꢀ³ꢀꢀꢀꢀꢀ´ꢀGHꢀODꢀIDoDGHꢀSRXUꢀpFRXWHUꢂꢀꢉ3HQGDQWꢀTXHꢀYRXVꢀSDUOH]ꢁꢀVLꢀYRXVꢀVRXKDLWH]ꢀXWLOLVHUꢀYRWUHꢀWpOpSKRQHꢀSRXUꢀ  
pFRXWHUꢁꢀYHXLOOH]ꢀDSSX\HUꢀjꢀQRXYHDXꢊꢂ  
$SSHOHU  
$SSX\H]ꢀVXUꢀOHꢀERXWRQꢀ³ꢀꢀꢀꢀꢀ´ꢀGHꢀODꢀIDoDGHꢀRXꢀGHꢀODꢀWpOpFRPPDQGHꢁꢀOHꢀPRWꢀ³',$/ꢀ180%(5´ꢀV¶DIILFKHUꢀSXLVꢀYRXVꢀFRPSRVH]ꢀ  
OHꢀQXPpURꢀVXUꢀYRWUHꢀWpOpFRPPDQGHꢀHWꢀDSSX\HUꢀEULqYHPHQWꢀVXUꢀOHꢀERXWRQꢀ³ꢀꢀꢀꢀꢀ´  
6LꢀYRXVꢀFRPSRVH]ꢀXQꢀPDXYDLVꢀQXPpURꢁꢀDSSX\H]ꢀVXUꢀŻꢀSRXUꢀO¶HIIDFHUꢂ  
7HUPLQHUꢐ5HMHWHUꢁXQꢁDSSHO  
'DQVꢀOHꢀPHQXꢀ%OHXWRRWKꢁꢀDSSX\H]ꢀEULqYHPHQWꢀVXUꢀOHꢀERXWRQꢀ³ꢀꢀꢀꢀꢀꢀ´ꢀGHꢀODꢀIDoDGHꢀRXꢀGHꢀODꢀWpOpFRPPDQGHꢁꢀOHꢀ/&'ꢀ7)7ꢀDIILFKHꢀ  
³&$//ꢀ+22.('ꢍ&$//ꢀ(-(&7('´ꢂ  
5HFRPSRVHUꢁOHꢁGHUQLHUꢁQXPpUR  
'DQVꢀOHꢀPHQXꢀ%OXHWRRWKꢁꢀDSSX\H]ꢀVXUꢀOHꢀERXWRQꢀ³ꢀꢀꢀꢀꢀ´ꢀꢉHQYLURQꢀꢅꢀVHFRQGHVꢊꢀVXUꢀODꢀIDoDGHꢀRXꢀVXUꢀODꢀWpOpFRPPDQGHꢁꢀ³',$/ꢀ  
/$67ꢀ&$//ꢍ',$/ꢀ287ꢀ12:ꢀ´ꢀV¶DIILFKHUDꢀVXUꢀOHꢀ/&'ꢀ7)7  
5pJOHUꢁOHꢁYROXPH  
3HQGDQWꢀODꢀFRQYHUVDWLRQꢁꢀUpJOH]ꢀO¶LQWHUUXSWHXUꢀGHꢀ9ROXPHꢀMXVTX¶jꢀFHꢀTXHꢀYRXVꢀDWWHLJQH]ꢀOHꢀQLYHDXꢀGHꢀYROXPHꢀGpVLUpꢂ  
/LUHꢁGHꢁODꢁPXVLTXHꢁ03ꢄ  
'DQVꢀOHꢀPHQXꢀ%OXHWRRWKꢁꢀDSSX\H]ꢀVXUꢀ02'ꢀSRXUꢀVpOHFWLRQQHUꢀ³%7ꢀ086,&´ꢁꢀYRXVꢀSRXYH]ꢀOLUHꢀOHVꢀ03ꢇꢀVXUꢀYRWUHꢀWpOpSKRQHꢀ  
SRUWDEOHꢂꢀꢉ1RWHꢃꢀYHXLOOH]ꢀYRXVꢀDVVXUHUꢀTX¶LOꢀVXSSRUWHꢀOHꢀSURILOꢀ%OXHWRRWKꢀ$ꢅ'3ꢊ  
1RWHꢀ  
Dꢊꢀ$YDQWꢀG¶XWLOLVHUꢀ%OXHWRRWKꢁꢀYHXLOOH]ꢀFRQVXOWHUꢀOHꢀJXLGHꢀG¶LQVWUXFWLRQVꢀGHꢀYRWUHꢀWpOpSKRQHꢀRXꢀFRQWDFWHUꢀOHꢀIDEULFDQWꢀGHꢀYRWUHꢀ  
ꢀꢀꢀꢀWpOpSKRQHꢀVLꢀYRXVꢀQ¶rWHVꢀSDVꢀV€UꢉHꢊꢀTXHꢀYRWUHꢀWpOpSKRQHꢀVXSSRUWHꢀODꢀIRQFWLRQꢀ%OXHWRRWKꢀPDLQꢄOLEUHꢂ  
Eꢊꢀ/RUVTXHꢀYRXVꢀIDLWHVꢀIRQFWLRQQHUꢀODꢀIRQFWLRQꢀ%OXHWRRWKꢁꢀYRXVꢀQHꢀGHYH]ꢀHIIHFWXHUꢀOHꢀSDLUDJHꢀTX¶XQHꢀVHXOHꢀIRLVꢂꢀ(QVXLWHꢁꢀYRXVꢀ  
ꢀꢀꢀꢀQHꢀGHYH]ꢀDWWHQGUHꢀTXHꢀWURLVꢀPLQXWHVꢂ  
Fꢊꢀ6LꢀYRXVꢀQHꢀVRXKDLWH]ꢀSDVꢀXWLOLVHUꢀ%OXHWRRWKꢁꢀYRXVꢀSRXYH]ꢀVpOHFWLRQQHUꢀ%OXHWRRWKꢀ2))ꢀꢉYRLUꢀSDJHꢀꢌꢌꢊꢂ  
5pJODJHꢁGHꢁODꢁ4XDOLWpꢁ9LGpR  
$SSX\H]ꢀVXUꢀOHꢀERXWRQꢀ6(/ꢀSRXUꢀSDUFRXULUꢀOHꢀPHQXꢀGHꢀVpOHFWLRQꢀGHꢀPRGHꢀVRQꢍLPDJHꢀSRXUꢀVpOHFWLRQQHUꢀOHꢀYROXPHꢁꢀOHVꢀEDVVHVꢁꢀ  
OHVꢀDLJXsVꢁꢀODꢀEDODQFHꢁꢀOHꢀIDGHUꢁꢀODꢀFRXOHXUꢁꢀODꢀOXPLQRVLWpꢁꢀOHꢀFRQWUDVWHꢁꢀODꢀWHLQWHꢁꢀODꢀFRXOHXUꢀGHꢀUpWURpFODLUDJHꢀHWꢀ%OXHWRRWKꢂꢀ  
7RXUQH]ꢀHQVXLWHꢀOHꢀERXWRQꢀ92/ꢀꢕꢀꢍꢀꢄꢀSRXUꢀUpJOHUꢀOHꢀPRGHꢀVpOHFWLRQQpꢂꢀꢉ/DꢀYDOHXUꢀFRUUHVSRQGDQWHꢀV¶DIILFKHUDꢀjꢀO¶pFUDQꢊꢂ  
9ROXPH  
%DVV  
7UHEOH %DODQFH  
)DGHU %OXHWRRWK  
7LQW  
&RQWUDVW  
%ULJKW &RORU  
%* &RORU  
(/(0(176ꢁ5(*/$%/(6ꢁꢀ  
&28/(85ꢀꢃꢀGHꢀꢐꢀjꢀꢇꢅ  
5qJOHꢀODꢀFRXOHXUꢀGHꢀO¶LPDJHꢂꢀ  
/80,126,7(ꢀꢃꢀGHꢀꢐꢀjꢀꢇꢅ  
5qJOHꢀO¶LPDJHꢀVLꢀHOOHꢀHVWꢀWURSꢀFODLUHꢀRXꢀWURSꢀIRQFpHꢂ  
&2175$67(ꢀꢃꢀGHꢀꢐꢀjꢀꢇꢅ  
5pJOHꢀOHꢀFRQWUDVWH  
7(,17(ꢀꢃꢀGHꢀꢐꢀjꢀꢇꢅ  
5pJODEOHꢀORUVTXHꢀ³176&ꢀ³ꢀHVWꢀVpOHFWLRQQpꢀGDQVꢀ³176&ꢍ3$/´ꢂ  
ꢀꢀꢀꢒꢅꢂ  
&$0(5$ꢁ98(ꢁ$55,(5(  
/RUVTXHꢀYRXVꢀFRQQHFWH]ꢀODꢀFDPpUDꢀYXHꢀDUULqUHꢁꢀO¶LPDJHꢀGXꢀUpWURYLVHXUꢀGHꢀODꢀOXQHWWHꢀDUULqUHꢀHVWꢀDXWRPDWLTXHPHQWꢀDIILFKpH  
ORUVTXHꢀYRXVꢀYRXVꢀVpOHFWLRQQH]ꢀODꢀPDUFKHꢀDUULqUHꢀꢉPRQLWHXUꢀXQLTXHPHQWꢊꢂ  
5(0$548(ꢁꢒFRQFHUQDQWꢁODꢁIRQFWLRQꢁGHVꢁIUHLQVꢓ  
6LꢀOHꢀIUHLQꢀGHꢀVWDWLRQQHPHQWꢀQ¶HVWꢀSDVꢀHQFOHQFKpꢁꢀµSDUNLQJꢀEUDNH¶ꢀFOLJQRWHUDꢀVXUꢀOHꢀPRQLWHXUꢀHWꢀDXFXQHꢀLPDJHꢀGHꢀOHFWXUHꢀQH  
VHUDꢀDIILFKpHꢂ  
6HXOꢀOHꢀVRQꢀDXGLRꢀVHUDꢀpPLVꢂ  
ꢄꢀ&HWꢀDYHUWLVVHPHQWꢀQ¶DSSDUDvWꢀTXHꢀVLꢀOHꢀFkEOHꢀGXꢀIUHLQꢀGHꢀVWDWLRQQHPHQWꢀHVWꢀUHOLpꢀDXꢀV\VWqPHꢀGHꢀIUHLQꢀGHꢀVWDWLRQQHPHQW  
LQWpJUpꢀDXꢀYpKLFXOHꢂ  
)RQFWLRQQHPHQWꢁ86%  
(QꢀVXLYDQWꢀOHꢀGLDJUDPPHꢀFLꢄGHVVRXVꢁꢀFRQQHFWH]ꢀO¶DSSDUHLOꢀ86%ꢀDXꢀSRUWꢀ86%ꢀHQꢀIDoDGHꢀꢉꢅꢇꢊꢂꢀ6¶LOꢀHVWꢀFRUUHFWHPHQWꢀFRQQHFWpꢁꢀ  
O¶DSSDUHLOꢀVHUDꢀPRQWpꢀHWꢀGpPDUUHUDꢀDXWRPDWLTXHPHQWꢀODꢀOHFWXUHꢂ  
3RUWꢀ86%ꢀ  
/LJQHꢀGHꢀFRQQH[LRQꢀ86%  
ꢊꢃꢉꢁ(QꢁPRGHꢁOHFWXUHꢁ86%  
ꢀꢀꢀꢀꢀꢀ(QꢀPRGHꢀ86%ꢁꢀDSSX\H]ꢀVXUꢀOHVꢀERXWRQVꢀIOqFKHꢀSRXUꢀVpOHFWLRQQHUꢀO¶pOpPHQWꢀHWꢀFRQILUPHUꢀDYHFꢀ(17(5ꢀRXꢀVpOHFWLRQQH]  
ꢀꢀꢀꢀꢀꢀGLUHFWHPHQWꢀDYHFꢀOHVꢀWRXFKHVꢀQXPpULTXHVꢂꢀ$SSX\H]ꢀDXVVLꢀVXUꢀOHVꢀWRXFKHVꢀQXPpULTXHVꢀSRXUꢀOLUHꢀGLUHFWHPHQWꢀODꢀSLVWH  
ꢀꢀꢀꢀꢀꢀFRUUHVSRQGDQWHꢂꢀ$SSX\H]ꢀVXUꢀOHꢀERXWRQꢀꢀꢀꢀꢀꢀꢍꢀꢀꢀꢀꢀꢀSRXUꢀVDXWHUꢀODꢀSLVWHꢀVXLYDQWHꢀRXꢀVDXWHUꢀODꢀSLVWHꢀSUpFpGHQWHꢂꢀ$SSX\H]ꢀVXUꢀOH  
ꢀꢀꢀꢀꢀꢀERXWRQꢀꢀꢀꢀꢀꢀꢍꢀꢀꢀꢀꢀꢀSRXUꢀIDLUHꢀXQHꢀDYDQFHꢀUDSLGHꢀRXꢀXQꢀUHWRXUꢀUDSLGHꢂ  
ꢀꢀꢀꢀꢀꢀ$SSX\H]ꢀVXUꢀOHꢀERXWRQꢀ5(3($7ꢀSRXUꢀVpOHFWLRQQHUꢀOHꢀPRGHꢀGHꢀUpSpWLWLRQꢀGHꢀODꢀOHFWXUHꢂ  
ꢀꢀꢀꢀꢀꢀ9RXVꢀSRXYH]ꢀDSSX\H]ꢀVXUꢀOHꢀERXWRQꢀ(-(&7ꢀSRXUꢀVRUWLUꢀOHꢀGLVTXHꢀRXꢀO¶LQVpUHUꢀGDQVꢀOHꢀFRPSDUWLPHQWꢂ  
&KDQJHUꢁOHVꢁPRGHVꢁGHꢁ86%ꢁjꢁ/HFWXUHꢁGHꢁ'LVTXH  
ꢀꢀꢀꢀ(QꢀPRGHꢀ86%ꢁꢀDSSX\H]ꢀXQHꢀIRLVꢀVXUꢀOHꢀERXWRQꢀ6723ꢀ$SSX\H]ꢀVXUꢀOHꢀERXWRQꢀ*272ꢀSRXUꢀPHWWUHꢀHQꢀPRGHꢀ',6&ꢂ  
ꢀꢀꢀꢀ(QꢀPRGHꢀ'9'ꢍ9&'ꢍ&'ꢁꢀDSSX\H]ꢀVXUꢀOHꢀERXWRQꢀ6723ꢀGHX[ꢀIRLVꢂꢀ$SSX\H]ꢀVXUꢀOHꢀERXWRQꢀ*272ꢀSRXUꢀPHWWUHꢀHQꢀPRGHꢀ86%ꢂ  
ꢀꢀꢀꢀ(QꢀPRGHꢀ03ꢇꢁꢀDSSX\H]ꢀVXUꢀOHꢀERXWRQꢀ6723ꢀXQHꢀIRLVꢂꢀ$SSX\H]ꢀVXUꢀOHꢀERXWRQꢀ*272ꢀSRXUꢀPHWWUHꢀHQꢀPRGHꢀ86%ꢂ  
5HPDUTXHꢁLPSRUWDQWHꢁꢀ  
$ꢂꢀ$ILQꢀG¶pYLWHUꢀG¶HQGRPPDJHUꢀO¶DSSDUHLOꢀ86%ꢁꢀQHꢀSDVꢀOHꢀGpEUDQFKHUꢀSHQGDQWꢀODꢀOHFWXUHꢂ  
%ꢂꢀ(QꢀPRGHꢀ',6&ꢁꢀYRXVꢀSRXYH]ꢀGpEUDQFKHUꢀO¶DSSDUHLOꢀ86%ꢂ  
)RQFWLRQꢁDIILFKDJHꢁjꢁO¶pFUDQ  
$SSX\H]ꢀVXUꢀOHꢀERXWRQꢀ26'ꢀSHQGDQWꢀODꢀOHFWXUHꢀSRXUꢀDIILFKHUꢀjꢀO¶pFUDQꢀOHꢀFRQWHQXꢀGXꢀGLVTXHꢀHQꢀFRXUVꢂ  
$ꢂꢀ([HPSOHꢀSRXUꢀOHVꢀ'9'ꢀꢃ  
ꢀꢀꢀꢀꢀDꢂꢀ$SSX\H]ꢀVXUꢀ26'ꢀXQHꢀSUHPLqUHꢀIRLVꢀꢃ  
7,7/(ꢀ(/$36('  
77ꢀꢐꢌꢍꢐꢌꢀꢀꢀꢀꢀ&+ꢀꢐꢌꢍꢇꢓꢀꢀꢀꢀꢀꢀꢀꢀꢐꢃꢐꢅꢃꢐꢑ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀ1XPpURꢀGXꢀ7LWUHꢁꢀ1RPEUHꢀ7RWDOꢀGHꢀ7LWUHVꢁꢀ1XPpURꢀGHꢀ&KDSLWUHꢁꢀ1RPEUHꢀ7RWDOꢀGHꢀ&KDSLWUHVꢀGHꢀFHꢀ7LWUHꢀVXUꢀOHꢀGLVTXHꢀHQ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀFRXUVꢀGHꢀOHFWXUHꢀV¶DIILFKHURQWꢀjꢀO¶pFUDQꢀDYHFꢀOHꢀWHPSVꢀpFRXOpꢂ  
ꢀꢀꢀꢀꢀEꢂꢀ$SSX\H]ꢀVXUꢀ26'ꢀXQHꢀGHX[LqPHꢀIRLVꢀꢃ  
7,7/(ꢀ5(0$,1  
77ꢀꢐꢌꢍꢐꢌꢀꢀꢀꢀꢀ&+ꢀꢐꢌꢍꢇꢓꢀꢀꢀꢀꢀꢀꢀꢀꢇꢃꢅꢋꢃꢇꢑ  
Fꢂꢀ$SSX\H]ꢀVXUꢀ26'ꢀXQHꢀWURLVLqPHꢀIRLVꢀꢃ  
&+$37(5ꢀ(/$36('  
77ꢀꢐꢌꢍꢐꢌꢀꢀꢀꢀꢀ&+ꢀꢐꢌꢍꢇꢓꢀꢀꢀꢀꢀꢀꢀꢀꢐꢃꢐꢅꢃꢎꢑ  
ꢀꢀꢀꢒꢇꢂ  
Gꢂꢀ$SSX\H]ꢀ26'ꢀXQHꢀTXDWULqPHꢀIRLVꢀꢃ  
&+$37(5ꢀ5(0$,1  
77ꢀꢐꢌꢍꢐꢌꢀꢀꢀꢀꢀ&+ꢀꢐꢌꢍꢇꢓꢀꢀꢀꢀꢀꢀꢀꢀꢐꢃꢐꢋꢃꢇꢅ  
Hꢂꢀ$SSX\H]ꢀVXUꢀ26'ꢀXQHꢀFLQTXLqPHꢀIRLVꢀꢃ  
ꢀꢀꢀꢀ/HꢀPHVVDJHꢀjꢀO¶pFUDQꢀVHUDꢀHIIDFpꢂ  
%ꢂꢀ([HPSOHꢀSRXUꢀ9&'ꢍ69&'ꢍ&'ꢃ  
ꢀꢀꢀꢀꢀDꢂꢀ$SSX\H]ꢀVXUꢀ26'ꢀXQHꢀSUHPLqUHꢀIRLVꢀꢃ  
6,1*/(ꢀ(/$36('  
75$&.ꢀꢐꢌꢍꢌꢑꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢐꢐꢃꢋꢔ  
ꢀꢀꢀꢀꢀEꢂꢀ$SSX\H]ꢀVXUꢀ26'ꢀXQHꢀGHX[LqPHꢀIRLVꢀꢃ  
6,1*/(ꢀ5(0$,1  
75$&.ꢀꢐꢌꢍꢌꢑꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢐꢅꢃꢋꢎ  
ꢀꢀꢀꢀꢀFꢂꢀ$SSX\H]ꢀVXUꢀ26'ꢀXQHꢀWURLVLqPHꢀIRLVꢀꢃ  
727$/ꢀ(/$36('  
75$&.ꢀꢐꢌꢍꢌꢑꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢐꢐꢃꢑꢐ  
ꢀꢀꢀꢀꢀGꢂꢀ$SSX\H]ꢀVXUꢀ26'ꢀXQHꢀTXDWULqPHꢀIRLVꢀꢃ  
727$/ꢀ5(0$,1  
75$&.ꢀꢐꢌꢍꢌꢑꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢒꢓꢃꢋꢑ  
ꢀꢀꢀꢀꢀHꢂꢀ$SSX\H]ꢀVXUꢀ26'ꢀXQHꢀFLQTXLqPHꢀIRLVꢀꢃ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀ/HꢀPHVVDJHꢀjꢀO¶pFUDQꢀVHUDꢀHIIDFpꢀSRXUꢀ69&'ꢀHWꢀ9&'ꢂ  
&ꢂꢀ([HPSOHꢀSRXUꢀOHVꢀ03ꢇꢀꢃ  
ꢀꢀꢀꢀ$ꢀFKDTXHꢀIRLVꢀTXHꢀYRXVꢀDSSX\H]ꢀVXUꢀ26'ꢁꢀOHꢀPHVVDJHꢀHVWꢀDIILFKpꢀjꢀO¶pFUDQꢀFKDQJHꢀFRPPHꢀVXLWꢀꢃ  
6,1*/(ꢀ(/$36('ꢀꢀꢀꢀꢀꢀꢀꢀꢀ6,1*/(ꢀ5(0$,1  
)RQFWLRQꢁODQJXHVꢁPXOWLSOHVꢁDXGLRꢁSRXUꢁOHVꢁ'9'ꢁꢀ  
$SSX\H]ꢀVXUꢀ$8',2ꢀSHQGDQWꢀODꢀOHFWXUH  
$ꢀFKDTXHꢀIRLVꢀTXHꢀYRXVꢀDSSX\H]ꢀVXUꢀOHꢀERXWRQꢁꢀOHꢀQXPpURꢀGHꢀODꢀODQJXHꢀHQꢀVRQꢀDXGLRꢀVHꢀFKDQJHꢀHQꢀRUGUHꢀVpTXHQWLHOꢂ  
5HPDUTXHVꢀꢃ  
ꢄꢀ/HꢀQXPpURꢀGHꢀODꢀODQJXHꢀHVWꢀGLIIpUHQWꢀHQꢀIRQFWLRQꢀGXꢀGLVTXHꢂ  
ꢄꢀ&HUWDLQVꢀGLVTXHVꢀQHꢀFRQWLHQQHQWꢀTX¶XQHꢀODQJXHꢀGHꢀVRQꢂ  
ꢄꢀ/RUVTX¶LOꢀQ¶\ꢀDꢀSDVꢀGHꢀVRQꢀGHꢀODQJXHꢀGLIIpUHQWꢀꢀꢀꢀꢀꢀꢀV¶DIILFKHꢀGDQVꢀO¶DQJOHꢀVXSpULHXUꢀJDXFKHꢀGHꢀO¶pFUDQꢂ  
3RXUꢁOHVꢁ9&'ꢁHWꢁOHVꢁ&'ꢁꢀ  
$SSX\H]ꢀVXUꢀ$8',2ꢀSHQGDQWꢀODꢀOHFWXUHꢀ,OꢀHVWꢀSRVVLEOHꢀGHꢀSHUPXWHUꢀOHꢀVRQꢀHQWUHꢀPRQRꢀHWꢀVWpUpRꢂ  
)RQFWLRQQHPHQWꢁGXꢁ0HQXꢁ7LWUHꢁSRXUꢁOHVꢁ'9'ꢁꢀ  
6LꢀOHꢀ'9'ꢀFRPSRUWHꢀGHVꢀWLWUHVꢀPXOWLSOHVꢀHQUHJLVWUpVꢀVXUꢀOHꢀGLVTXHꢁꢀLOꢀHVWꢀSRVVLEOHꢀGHꢀVpOHFWLRQQHUꢀOHꢀPHQXꢀWLWUHꢀGpVLUpꢀSRXU  
FRPPHQFHUꢀODꢀOHFWXUHꢂ  
ꢄꢀ$SSX\H]ꢀVXUꢀ7,7/(ꢁSHQGDQWꢀODꢀOHFWXUHꢀ/HꢀPHQXꢀWLWUHꢀHVWꢀDIILFKpꢂ  
ꢄꢀ6pOHFWLRQQH]ꢀOHꢀWLWUHꢀGpVLUpꢀDYHFꢀOHVꢀERXWRQVꢀIOqFKHꢀHWꢀFRQILUPH]ꢀDYHFꢀ(17(5ꢂ  
3RXUꢁOHVꢁ9&'ꢀ  
7,7/(ꢐ3%&ꢀDSSX\H]ꢀVXUꢀOHꢀERXWRQꢀGHꢀODꢀWpOpFRPPDQGHꢀSHQGDQWꢀODꢀOHFWXUHꢀGXꢀGLVTXHꢁꢀYRXVꢀSRXYH]ꢀSHUPXWHUꢀHQWUHꢀOHꢀPRGH  
ꢗ3%&ꢀRQꢗꢀHWꢀꢗ3%&ꢀRIIꢗꢂ  
)RQFWLRQꢁ6RXVꢆWLWUHVꢁHQꢁSOXVLHXUVꢁ/DQJXHVꢁꢒXQLTXHPHQWꢁSRXUꢁOHVꢁ'9'ꢓ  
$SSX\H]ꢀVXUꢀ68%7,7/(ꢀSHQGDQWꢀODꢀOHFWXUH  
$ꢀFKDTXHꢀIRLVꢀTXHꢀYRXVꢀDSSX\H]ꢀVXUꢀOHꢀERXWRQꢁꢀOHꢀQXPpURꢀGHꢀODꢀODQJXHꢀGHꢀVRXVꢄWLWUDJHꢀVHꢀFKDQJHꢀHQꢀRUGUHꢀVpTXHQWLHOꢂ  
5HPDUTXHVꢀꢃ  
ꢄꢀ/HꢀQXPpURꢀGHꢀODꢀODQJXHꢀHVWꢀGLIIpUHQWꢀHQꢀIRQFWLRQꢀGXꢀGLVTXHꢂ  
ꢄꢀ&HUWDLQVꢀGLVTXHVꢀQHꢀFRQWLHQQHQWꢀTX¶XQHꢀODQJXHꢀGHꢀVRXVꢄWLWUDJHꢂ  
ꢄꢀ/RUVTXHꢀTX¶DXFXQHꢀODQJXHꢀGLIIpUHQWHꢀGHꢀVRXVꢄWLWUHVꢀQ¶HVWꢀHQUHJLVWUpꢁꢀꢀꢀꢀꢀꢀV¶DIILFKHꢀGDQVꢀO¶DQJOHꢀVXSpULHXUꢀJDXFKHꢀGHꢀO¶pFUDQꢂ  
ꢀꢀꢀꢒꢋꢂ  
5(*/$*(  
5(*/$*(ꢁ*(1(5$/  
ꢄꢄꢄꢀ3$*(ꢀ*(1(5$/(ꢀꢄꢄꢄ  
ꢄꢄꢄꢄ*HQHUDOꢀVHWXSꢀSDJHꢄꢄꢄꢄ  
79ꢀ'LVSOD\  
/%  
$QJOHꢀ0DUN  
26'ꢀ/DQJ  
21  
(1*  
63',)ꢍ5$:  
21  
6SGLIꢀ2XWSXW  
&DSWLRQV  
6FUHHQꢀ6DYHU  
/DVWꢀ0HPRU\  
21  
21  
*Rꢀ7Rꢀ*HQHUDOꢀ6HWXSꢀ3DJH  
ꢌꢂꢀ$SSX\H]ꢀVXUꢀOHꢀERXWRQꢀ6(783ꢀGHꢀODꢀWpOpFRPPDQGHꢂ  
ꢅꢂꢀ/HꢀPHQXꢀ6(783ꢀHVWꢀDIILFKpꢂ  
ꢇꢂꢀ6pOHFWLRQQH]ꢀYRWUHꢀpOpPHQWꢀSUpIpUpꢀHQꢀXWLOLVDQWꢀOHVꢀERXWRQVꢀŸꢍźꢍŻꢍŹꢂ  
ꢋꢂꢀ$SSX\H]ꢀVXUꢀOHꢀERXWRQꢀ(17(5ꢂ  
ꢀꢀꢀꢀDꢂꢀ5(*/$*(ꢀ*(1(5$/  
ꢀꢀꢀꢀꢀꢀꢀꢀ&HWWHꢀSDJHꢀGHꢀUpJODJHꢀFRPSUHQGꢀO¶pOpPHQWꢀGHꢀO¶DIILFKDJHꢀ79ꢀHWꢀGHꢀODꢀFDUDFWpULVWLTXHꢀHQꢀVRUWLHꢀDXGLRꢂ  
ꢀꢀꢀꢀꢀꢀꢀꢀ3RXUꢀOHVꢀGpWDLOVꢁꢀYHXLOOH]ꢀYRXVꢀUpIpUHUꢀDXꢀ0(18ꢁ'(ꢁ5(*/$*(ꢁ*(1(5$/  
ꢀꢀꢀꢀEꢂꢀ5(*/$*(ꢀ+$87ꢄ3$5/(85  
ꢀꢀꢀꢀꢀꢀꢀꢀ6HUWꢀjꢀDFWLYHUꢀODꢀVRUWLHꢀDXGLRꢀGHꢀ'2/%<ꢀ$&ꢇꢀꢎꢂꢌꢀ'2:10,;ꢀDXꢀPRGHꢀꢅꢀFDQDX[ꢂꢀ9HXLOOH]ꢀYRXVꢀUpIpUHUꢀj  
ꢀꢀꢀꢀꢀꢀꢀꢁ0(18ꢁ5(*/$*(ꢁ'(6ꢁ+$87ꢆ3$5/(856  
ꢀꢀꢀꢀFꢂꢀ5(*/$*(ꢀ'2/%<ꢀ',*,7$/  
ꢀꢀꢀꢀꢀꢀꢀꢀ9HXLOOH]ꢀYRXVꢀUpIpUHUꢀjꢀ5(*/$*(ꢁ'2/%<ꢁ',*,7$/  
ꢀꢀꢀꢀGꢂꢀ5(*/$*(ꢀ'(6ꢀ35()(5(1&(6  
ꢀꢀꢀꢀꢀꢀꢀꢀ&HWWHꢀSDJHꢀGHꢀUpJODJHꢀFRPSUHQGꢀWRXWHVꢀOHVꢀFRQILJXUDWLRQVꢀGHꢀODꢀFDUDFWpULVWLTXHꢀGHꢀVXSSRUWꢂ  
ꢀꢀꢀꢀꢀꢀꢀꢀ3RXUꢀOHVꢀGpWDLOVꢁꢀYHXLOOH]ꢀYRXVꢀUpIpUHUꢀDXꢀ0(18ꢁ'(ꢁ5(*/$*(ꢁ'(6ꢁ35()(5(1&(6  
ꢄꢄꢄꢄ*HQHUDOꢀVHWXSꢀSDJHꢄꢄꢄꢄ  
79ꢀ'LVSOD\  
$QJOHꢀ0DUN  
26'ꢀ/DQJ  
6SGLIꢀ2XWSXW  
&DSWLRQV  
1RUPDOꢍ36  
1RUPDOꢍ/%  
:LGH  
6FUHHQꢀ6DYHU  
/DVWꢀ0HPRU\  
6HWꢀ79ꢀ'LVSOD\ꢀ0RGH  
79ꢀ6FUHHQ  
9LGHR  
:LGHꢉꢌꢑꢃꢔꢊ  
0DWHULDO  
1RUPDO  
3DQꢀ6FDQ  
/HWWHUꢄER[  
ꢋꢀꢃꢀꢇ  
ꢀꢀꢀꢒꢎꢂ  
ꢈꢉꢁ5(*/$*(ꢁ'(ꢁ/¶$)),&+$*(ꢁ79  
ꢀꢀꢀꢀ6HUWꢀjꢀVpOHFWLRQQHUꢀOHꢀIRUPDWꢀDSSURSULpꢀGHꢀODꢀ79ꢀꢉꢋꢃꢇꢀRUꢀꢌꢑꢃꢔꢊꢀHQꢀIRQFWLRQꢀGXꢀSRVWHꢀGHꢀ79ꢀFRQQHFWpꢂ  
ꢀꢀꢀꢀ1RUPDOꢐ36ꢁꢒ3RXUꢁ79ꢁꢋꢀꢄꢓ  
ꢀꢀꢀꢀ/HFWXUHꢀHQꢀ3$1ꢀ ꢀ6&$1ꢂ  
ꢀꢀꢀꢀꢉ6LꢀFRQQHFWpꢀjꢀXQꢀJUDQGꢀpFUDQꢀ79ꢀOHVꢀFRLQVꢀJDXFKHꢀHWꢀGURLWꢀVRQWꢀURJQpVꢊꢂ  
ꢀꢀꢀꢀ1RUPDOꢐ/%ꢁꢒ3RXUꢁ79ꢁꢋꢀꢄꢓ  
ꢀꢀꢀꢀ/HFWXUHꢀHQꢀ/(77(5%2;  
ꢀꢀꢀꢀꢉ6LꢀFRQQHFWpꢀjꢀXQHꢀ79ꢀJUDQGꢀpFUDQꢁꢀOHVꢀEDQGHVꢀQRLUHVꢀDSSDUDLVVHQWꢀGDQVꢀOHꢀEDVꢀHWꢀOHꢀKDXWꢀGHꢀO¶pFUDQꢊꢂ  
ꢁꢁꢁ/DUJHꢁꢒ3RXUꢁOHVꢁ79ꢁꢈꢌꢀꢎꢓ  
ꢀꢀꢀꢀ6pOHFWLRQQH]ꢀORUVTX¶XQHꢀ79ꢀJUDQGꢀpFUDQꢀHVWꢀFRQQHFWpHꢂ  
ꢄꢄꢄꢄꢄ*HQHUDOꢀVHWXSꢀSDJHꢄꢄꢄꢄ  
79ꢀ'LVSOD\  
$QJOHꢀ0DUN  
26'ꢀ/DQJ  
21  
2))  
6SGLIꢀ2XWSXW  
&DSWLRQV  
6FUHHQꢀ6DYHU  
/DVWꢀ0HPRU\  
6HWꢀ$QJOHꢀ0DUN  
ꢊꢉꢁ5(*/$*(ꢁ'(ꢁ/¶$)),&+$*(ꢁ5(3(5(ꢁ'¶$1*/(  
ꢀꢀꢀꢀ6LꢀUpJOpꢀVXUꢀ21ꢁꢀORUVTXHꢀOHꢀGLVTXHꢀ'9'ꢀDQJOHVꢀPXOWLSOHVꢀHVWꢀHQꢀOHFWXUHꢁꢀꢀꢀꢀꢀꢀꢀꢀꢀꢉOHꢀUHSqUHꢀGHꢀO¶DQJOHꢊꢀDSSDUDvWꢀjꢀO¶pFUDQꢂ  
ꢀꢀꢀꢀ6LꢀUpJOpꢀVXUꢀ2))ꢀOHꢀUHSqUHꢀQ¶DSSDUDvWꢀSDVꢂ  
ꢄꢄꢄꢄ*HQHUDOꢀVHWXSꢀSDJHꢄꢄꢄꢄ  
79ꢀ'LVSOD\  
$QJOHꢀ0DUN  
26'ꢀ/DQJ  
(QJOLVK  
)UHQFK  
6SGLIꢀ2XWSXW  
&DSWLRQV  
*HUPDQ  
6SDQLVK  
,WDOLDQ  
6FUHHQꢀ6DYHU  
/DVWꢀ0HPRU\  
3RUWXJXHVH  
6HWꢀ26'ꢀ/DQJXDJH  
ꢄꢉꢁ5(*/$*(ꢁ'8ꢁ7<3(ꢁ'(ꢁ/$1*8(ꢁ26'  
ꢀꢀꢀꢀ6pOHFWLRQQH]ꢀODꢀODQJXHꢀ26'ꢀGHꢀYRWUHꢀFKRL[ꢀHQꢀXWLOLVDQWꢀOHVꢀERXWRQVꢀŸꢍźꢂ  
ꢀꢀꢀꢒꢑꢂ  
ꢄꢄꢄꢄ*HQHUDOꢀVHWXSꢀSDJHꢄꢄꢄꢄ  
79ꢀ'LVSOD\  
$QJOHꢀ0DUN  
2VGꢀ/DQJ  
63',)ꢀ2))  
63',)ꢍ5$:  
63',)ꢍ3&0  
6SGLIꢀ2XWSXW  
&DSWLRQV  
6FUHHQꢀ6DYHU  
/DVWꢀ0HPRU\  
6HWXSꢀ63',)  
ꢋꢉꢁ6257,(ꢁ63',)  
ꢀꢀꢀꢀ6HUWꢀjꢀDFWLYHUꢀODꢀVRUWLHꢀDXGLRꢀGXꢀPRGHꢀ63',)ꢀ2))ꢀDXꢀPRGHꢀ63',)ꢍ5$:ꢀDXꢀPRGHꢀ63',)ꢍ3&0ꢂ  
ꢄꢄꢄꢄ*HQHUDOꢀVHWXSꢀSDJHꢄꢄꢄꢄ  
79ꢀ'LVSOD\  
$QJOHꢀ0DUN  
26'ꢀ/DQJ  
21  
6SGLIꢀ2XWSXW  
&DSWLRQV  
2))  
6FUHHQꢀ6DYHU  
/DVWꢀ0HPRU\  
&ORVHGꢀ&DSWLRQ  
ꢃꢉꢁ5(*/$*(ꢁ'(ꢁ/¶,1'(;  
ꢀꢀꢀꢀ$FWLYHꢀODꢀFDUDFWpULVWLTXHꢀ,1'(;ꢀHQꢀVpOHFWLRQQDQWꢀ21ꢂꢀ4XLWWHUꢀFHWWHꢀFDUDFWpULVWLTXHꢀHQꢀVpOHFWLRQQDQWꢀ2))  
ꢄꢄꢄꢄ*HQHUDOꢀVHWXSꢀSDJHꢄꢄꢄꢄ  
79ꢀ'LVSOD\  
$QJOHꢀ0DUN  
26'ꢀ/DQJ  
6SGLIꢀ2XWSXW  
&DSWLRQV  
21  
6FUHHQꢀ6DYHU  
/DVWꢀ0HPRU\  
2))  
6FUHHQꢀ6DYHU  
ꢀꢀꢀꢒꢒꢂ  
ꢌꢉꢁ5(*/$*(ꢁ(&2120,6(85ꢁ'¶(&5$1  
ꢀꢀꢀꢀ6pOHFWLRQQH]ꢀODꢀVRUWLHꢀ6&5ꢀ6$9(5ꢀ21ꢍ2))  
ꢄꢄꢄꢄ*HQHUDOꢀVHWXSꢀSDJHꢄꢄꢄꢄ  
79ꢀ'LVSOD\  
$QJOHꢀ0DUN  
26'ꢀ/DQJ  
6SGLIꢀ2XWSXW  
&DSWLRQV  
6FUHHQꢀ6DYHU  
/DVWꢀ0HPRU\  
21  
2))  
6HWꢀ/DVWꢀ0HPRU\ꢀ6WDWH  
ꢂꢉꢁ5(*/$*(ꢁ'(ꢁ/$ꢁ'(51,(5(ꢁ0(02,5(  
ꢀꢀꢀꢀ6pOHFWLRQQH]ꢀODꢀVRUWLHꢀ/$67ꢀ0(025<ꢀ21ꢍ2))  
5(*/$*(ꢁ'(6ꢁ+$87ꢆ3$5/(856  
ꢄꢄꢄꢀ3$*(ꢀ'(ꢀ5(*/$*(ꢀ'(6ꢀ+$87ꢄ3$5/(856ꢀꢄꢄꢄ  
ꢄꢄꢄꢄ6SHDNHUꢀ6HWXSꢀ3DJHꢄꢄꢄꢄ  
'2:10,;  
/7ꢍ57  
67(5(2  
6HWꢀ'RZQPL[ꢀ0RGH  
6HUWꢀjꢀDFWLYHUꢀODꢀVRUWLHꢀDXGLRꢀGHꢀ'2/%<ꢀ$&ꢇꢀꢎꢂꢌꢀ'2:10,;ꢀDXꢀPRGHꢀꢅꢀFDQDX[ꢂꢀ6pOHFWLRQQH]ꢀODꢀFRQQH[LRQꢀGHV  
+$87ꢄ3$5/(856ꢀGHꢀYRWUHꢀFKRL[ꢀHQꢀXWLOLVDQWꢀOHVꢀFXUVHXUVꢂ  
6pOHFWLRQQH]ꢀ/7ꢍ57ꢀSRXUꢀDFWLYHUꢀODꢀVRUWLHꢀFRPSDWLEOHꢀ'ROE\ꢀVXUURXQGꢂ  
6pOHFWLRQQH]ꢀ67(5(2ꢀSRXUꢀDFWLYHUꢀOHꢀPRGHꢀVWpUpRꢀVLPSOHꢂ  
5(*/$*(ꢁ'2/%<ꢁ',*,7$/  
ꢄꢄꢄꢄ'ROE\ꢀ'LJLWDOꢀ6HWXSꢄꢄꢄ  
)8//  
ꢑꢍꢓ  
'<1$0,&  
ꢋꢍꢓ  
ꢅꢍꢓ  
2))  
6HWꢀ'5&ꢀ2))  
ꢀꢀꢀꢒꢓꢂ  
&21752/ꢁ'(ꢁ*$00(ꢁ'<1$0,48(  
6pOHFWLRQQH]ꢀ'5&ꢀHWꢀDMXVWH]ꢀODꢀJDPPHꢀG\QDPLTXHꢀGXꢀSURJUDPPHꢀ'ROE\ꢀ'LJLWDOꢀHQFRGpꢂꢀ,Oꢀ\ꢀDꢀꢓꢀpWDSHVꢀHQWUHꢀOD  
FRPSUHVVLRQꢀWRWDOHꢀHWꢀO¶DUUrWꢀGHꢀODꢀFRPSUHVVLRQꢂ  
5(*/$*(ꢁ'(6ꢁ35()(5(1&(6  
ꢄꢄꢄꢀ3$*(ꢀ'(6ꢀ35()(5(1&(6ꢀꢄꢄꢄ  
ꢄꢄꢄꢄ3UHIHUHQFHꢀ3DJHꢄꢄꢄꢄ  
3$/  
79ꢀ7\SH  
$XGLR  
$872  
176&  
6XEWLWOH  
'LVFꢀ0HQX  
3DUHQWDO  
3DVVZRUG  
'HIDXOW  
6HWꢀ79ꢀVWDQGDUG  
ꢈꢉꢁ5(*/$*(ꢁ'8ꢁ7<3(ꢁ'(ꢁ79  
ꢀꢀꢀꢀ&HꢀOHFWHXUꢀSHXWꢀOLUHꢀGHVꢀGLVTXHVꢀHQUHJLVWUpVꢀVRLWꢀHQꢀIRUPDWꢀ3$/ꢀRXꢀ176&ꢀ6pOHFWLRQQH]ꢀOHꢀIRUPDWꢀ176&ꢀORUVTXHꢀYRXV  
ꢀꢀꢀꢀYRXVꢀFRQQHFWH]ꢀjꢀXQHꢀ79ꢀ176&ꢂꢀ6pOHFWLRQQH]ꢀOHꢀIRUPDWꢀ3$/ꢀORUVTXHꢀYRXVꢀYRXVꢀFRQQHFWH]ꢀjꢀXQHꢀ79ꢀ3$/ꢂ  
ꢀꢀꢀꢀ6pOHFWLRQQH]ꢀOHꢀIRUPDWꢀ$872ꢀSRXUꢀTXHꢀOHꢀOHFWHXUꢀFKRLVLVVHꢀDXWRPDWLTXHPHQWꢀOHꢀIRUPDWꢂ  
ꢄꢄꢄꢄ3UHIHUHQFHꢀ3DJHꢄꢄꢄꢄ  
79ꢀ7\SH  
(QJOLVK  
$XGLR  
)UHQFK  
6XEWLWOH  
6SDQLVK  
'LVFꢀ0HQX  
*HUPDQ  
3DUHQWDO  
,WDOLDQ  
3DVVZRUG  
3RUWXJXHVH  
'HIDXOW  
3UHIHUUHGꢀ$XGLRꢀ/DQJXDJH  
ꢀꢀꢀꢒꢔꢂ  
ꢊꢉꢁ5(*/$*(ꢁ/$1*8(ꢁ$8',2  
ꢀꢀꢀꢀ6pOHFWLRQQH]ꢀOHꢀVRQꢀ$8',2ꢀGHꢀYRWUHꢀFKRL[ꢀHQꢀXWLOLVDQWꢀOHVꢀFXUVHXUVꢂ  
ꢄꢄꢄꢄ3UHIHUHQFHꢀ3DJHꢄꢄꢄꢄ  
79ꢀ7\SH  
$XGLR  
(QJOLVK  
)UHQFK  
6SDQLVK  
*HUPDQ  
,WDOLDQ  
6XEWLWOH  
'LVFꢀ0HQX  
3DUHQWDO  
3DVVZRUG  
'HIDXOW  
3RUWXJXHVH  
2))  
3UHIHUUHGꢀ6XEWLWOHꢀ/DQJXDJH  
ꢄꢉꢁ5(*/$*(ꢁ/$1*8(ꢁ'(6ꢁ6286ꢆ7,75(6  
ꢁꢁꢁꢁ6pOHFWLRQQH]ꢀODꢀODQJXHꢀGHꢀ6286ꢄ7,75(6ꢀGHꢀYRWUHꢀFKRL[ꢀHQꢀXWLOLVDQWꢀOHVꢀFXUVHXUVꢂ  
ꢄꢄꢄꢄ3UHIHUHQFHꢀ3DJHꢄꢄꢄꢄ  
79ꢀ7\SH  
(QJOLVK  
)UHQFK  
$XGLR  
6XEWLWOH  
'LVFꢀ0HQX  
3DUHQWDO  
3DVVZRUG  
'HIDXOW  
6SDQLVK  
*HUPDQ  
,WDOLDQ  
3RUWXJXHVH  
3UHIHUUHGꢀ0HQXꢀ/DQJXDJH  
ꢋꢉꢁ5(*/$*(ꢁ/$1*8(ꢁ'8ꢁ0(18ꢁ'8ꢁ',648(  
ꢀꢀꢀꢀ6pOHFWLRQQH]ꢀODꢀODQJXHꢀGHꢀ0(18ꢀ'8ꢀ',648(ꢀGHꢀYRWUHꢀFKRL[ꢀHQꢀXWLOLVDQWꢀOHVꢀFXUVHXUVꢂ  
ꢀꢀꢀꢓꢐꢂ  
ꢄꢄꢄꢄ3UHIHUHQFHꢀ3DJHꢄꢄꢄꢄ  
ꢌ.,'ꢀ6$)  
ꢅ*  
79ꢀ7\SH  
$XGLR  
ꢇ3*  
6XEWLWOH  
'LVFꢀ0HQX  
3DUHQWDO  
3DVVZRUG  
'HIDXOW  
ꢋ3*ꢌꢇ  
ꢎ3*5  
ꢑ5  
ꢒ1&ꢀꢌꢒ  
ꢓꢀ$'8/7  
2))  
6HWꢀ3DUHQWDOꢀ&RQWURO  
ꢃꢉꢁ3$5(17$/  
ꢀꢀꢀ6pOHFWLRQQH]ꢀOHꢀFRQWU{OHꢀSDUHQWDOꢀjꢀO¶DLGHꢀGHVꢀFXUVHXUVꢀHWꢀFRQILUPH]ꢀHQꢀDSSX\DQWꢀVXUꢀOHꢀERXWRQꢀ(17(5ꢂ  
ꢄꢄꢄꢄ3UHIHUHQFHꢀ3DJHꢄꢄꢄꢄ  
79ꢀ7\SH  
$XGLR  
6XEWLWOH  
'LVFꢀ0HQX  
3DUHQWDO  
&+$1*(  
3DVVZRUG  
'HIDXOW  
&KDQJHꢀ3DVVZRUG  
ꢌꢉꢁ3$66:25'  
ꢀꢀꢀꢀ6pOHFWLRQQH]ꢀFKDQJH]ꢀHWꢀDSSX\H]ꢀVXUꢀ(17(5ꢂꢀ(QWUH]ꢀO¶DQFLHQꢀPRWꢀGHꢀSDVVHꢀꢉOHꢀUpJODJHꢀG¶XVLQHꢀHVWꢀꢌꢇꢒꢔꢊꢂꢀ(QWUH]  
ꢀꢀꢀꢀHQVXLWHꢀYRWUHꢀPRWꢀGHꢀSDVVHꢀjꢀꢋꢀFKLIIUHVꢀHWꢀHQWUH]ꢄOHꢀjꢀQRXYHDXꢀSRXUꢀFRQILUPHUꢂ  
ꢄꢄꢄꢄ3UHIHUHQFHꢀ3DJHꢄꢄꢄꢄ  
79ꢀ7\SH  
$XGLR  
6XEWLWOH  
'LVFꢀ0HQX  
3DUHQWDO  
3DVVZRUG  
5(6(7  
'HIDXOW  
/RDGꢀ)FDWRU\ꢀ6HWWLQJ  
ꢀꢀꢀꢓꢌꢂ  
ꢂꢉꢁ'()$8/7  
ꢀꢀꢀꢀ6pOHFWLRQQH]ꢀUpLQLWLDOLVDWLRQꢀSRXUꢀOHVꢀUpJODJHVꢀLQLWLDX[ꢀG¶XVLQHꢂ  
7$%/($8ꢁ'(6ꢁ5(*/$*(6ꢁ3$5ꢁ'()$87  
$)),&+$*(ꢀ'(ꢀ/$ꢀ79  
1250$/ꢍ/%  
21  
5(3(5(ꢀ'¶$1*/(  
/$1*8(  
$OOHPDQG  
63',)ꢍ5$0  
21  
5(*/$*(*(1(5$/  
6257,(ꢀ63',)  
,1'(;  
(&2120,6(85ꢀ  
'¶(&5$1  
21  
'(51,(5(ꢀ0(02,5(  
6286ꢄ0,;$*(  
21  
5(*/$*(ꢀ'(6  
+$87ꢄ3$5/(856  
67(5(2  
'2/%<ꢀ',*,7$/  
'<1$0,48(  
7<3(ꢀ'(ꢀ79  
$8',2  
2))ꢀꢉ(WHLQWꢊ  
$XWRPDWLTXH  
$OOHPDQG  
6286ꢄ7,75(6  
0(18ꢀ'8ꢀ',648(  
3$5(17$/  
2))ꢀꢉ(WHLQWꢊ  
$1*/$,6  
ꢓꢀ$'8/7  
ꢌꢇꢒꢔ  
35()(5(1&(6  
027ꢀ'(ꢀ3$66(  
ꢀꢀꢀꢓꢅꢂ  
63(&,),&$7,21  
$OLPHQWDWLRQꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ   
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢌꢅ9ꢀ'&ꢀꢉꢌꢌ9ꢄꢌꢎ9ꢊ  
&RQVRPPDWLRQꢀGHꢀFRXUDQWꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ ꢀꢀꢀꢀꢀꢀꢀꢀꢀ0RLQVꢀGHꢀꢌꢐꢀ$  
6\VWqPHꢀVLJQDOꢀꢃꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ  
'LVTXHVꢀ/XVꢀꢃꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀ9LGpRꢀFRPSRVLWHꢀꢌꢂꢐ9SꢄSꢀꢒꢎŸ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢉꢌꢊꢀ'LVTXHꢀ'9'ꢄ9,'(2ꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢎꢗꢉꢌꢅꢀFPꢊꢀXQHꢀIDFHꢁꢀXQHꢀFRXFKH  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢎꢗꢉꢌꢅꢀFPꢊꢀXQHꢀIDFHꢁꢀGRXEOHꢀFRXFKH  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢉꢅꢊꢀ'LVTXHꢀ&RPSDFWꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢉ&'ꢄ'$ꢁꢀ9,'(2ꢀ&'ꢊꢀGLVTXHꢀꢎꢗꢉꢌꢅFPꢊꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀOLJQHꢀVRUWLHꢀꢅFD ꢋFD  
6RUWLHꢀ6LJQDOꢀ$XGLRꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ  
&DUDFWpULVWLTXHVꢀꢃꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢉꢌꢊꢀ5pSRQVHꢀGHꢀ)UpTXHQFHꢀꢀ ꢅꢐꢀ+]ꢀꢄꢀꢅꢐꢀN+]  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢉꢅꢊꢀ5DSSRUWꢀ6LJQDOꢍ%UXLWꢀꢀ  
ꢔꢐꢀG%ꢀꢉ-,6ꢊ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢉꢇꢊꢀ)OXFWXDWLRQꢀGHꢀ9LWHVVHꢀHQꢀGHVVRXVꢀGHVꢀOLPLWHVꢀGHꢀPHVXUH  
ꢀꢀꢀꢀꢀꢀꢀꢀꢁ)0ꢁꢁꢁꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ  
&RXYHUWXUHꢀGHꢀ)UpTXHQFHꢀꢃꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢓꢒꢂꢎꢀjꢀꢌꢐꢓꢀ0+]  
,)ꢃꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ  
6HQVLELOLWpꢀꢉ6ꢍ1ꢀ ꢀꢇꢐꢀG%ꢊꢃꢀꢀꢀꢀꢀꢀꢀꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢌꢐꢂꢒꢀ0+]  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢌꢎꢀG%X  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀ$0ꢁ  
&RXYHUWXUHꢀGHꢀ)UpTXHQFHꢀꢃꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢎꢅꢎꢀjꢀꢌꢑꢌꢎꢀ.+]  
,)ꢃꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ  
6HQVLELOLWpꢀꢉ6ꢍ1ꢀ ꢀꢅꢐꢀG%ꢊꢃꢀꢀꢀꢀꢀꢀꢀꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢋꢎꢐꢀ.+]  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢋꢐꢀG%X  
7DLOOHꢀGHꢀO¶pFUDQꢀGXꢀPRQLWHXUꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢅꢁꢎꢀFPꢀGHꢀODUJH  
1RPEUHꢀGHꢀ3L[HOVꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ  
6\VWqPHꢀFRXOHXUꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢔꢑꢐꢀ;ꢀꢅꢇꢋꢀSL[HOV  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀ176&ꢍ3$/  
6SpFLILFDWLRQꢀ%OXHWRRWK  
3URILOꢀ%OXHWRRWKꢀVXSSRUWpꢃꢀꢀ  
*DPPHꢀGHꢀIUpTXHQFHꢀꢀꢀꢀꢀꢀꢀ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀ9ꢌꢂꢅꢀ&ODVVHꢀꢅ  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀ3URILOVꢀFRPELQpꢁꢀPDLQꢄOLEUHꢀHWꢀ$ꢅ'3  
ꢀꢀꢀꢀꢀꢀꢀꢀꢀJDPPHꢀꢅꢂꢋ*+]ꢀ  
127(ꢃꢀ/HVꢀVSpFLILFDWLRQVꢀHWꢀOHꢀGHVLJQꢀVRQWꢀVXMHWVꢀjꢀPRGLILFDWLRQꢀVDQVꢀSUpDYLVꢀHWꢀFHꢀSRXUꢀGHVꢀUDVLRQVꢀG¶pYROXWLRQVꢀ  
WHFKQRORJLTXHVꢂ  
ꢀꢀꢀꢓꢇꢂ  
*8,'(ꢁ'(ꢁ'(3$11$*(  
$YDQWꢀG¶REVHUYHUꢀODꢀOLVWHꢀGHꢀYpULILFDWLRQꢁꢀYpULILH]ꢀODꢀFRQQH[LRQꢀGHVꢀFkEOHVꢂꢀ6LꢀXQꢀGHVꢀSUREOqPHVꢀSHUVLVWHꢀDSUqVꢀYpULILFDWLRQ  
GHꢀODꢀOLVWHꢁꢀFRQWDFWH]ꢀYRWUHꢀUHYHQGHXUꢀOHꢀSOXVꢀSURFKHꢂ  
352%/(0(  
&$86(  
62/87,21  
6LꢀO¶DOLPHQWDWLRQꢀHVWꢀELHQꢀUHOLpHꢀDXꢀ  
WHUPLQDOꢀGHꢀO¶DFFHVVRLUHꢀGHꢀODꢀYRLWXUHꢁꢀ  
WRXUQH]ꢀODꢀFOpꢀG¶DOOXPDJHꢀVXUꢀ$&&ꢂ  
/¶LQWHUUXSWHXUꢀG¶DOOXPDJHꢀGHꢀOD  
YRLWXUHꢀQ¶HVWꢀSDVꢀDOOXPpꢂ  
3DVꢀGHꢀFRXUDQW  
/HꢀIXVLEOHꢀDꢀVDXWp  
&KDQJH]ꢀOHꢀIXVLEOHꢂ  
5HWLUH]ꢀOHꢀGLVTXHꢀGXꢀOHFWHXUꢀSXLVꢀSODFH]ꢀ  
XQꢀQRXYHDXꢀGLVTXHꢂ  
,Oꢀ\ꢀDꢀXQꢀGLVTXHꢀGDQVꢀOHꢀOHFWHXUꢂ  
/HꢀGLVTXHꢀHVWꢀLQVpUpꢀGDQVꢀOH  
PDXYDLVꢀVHQVꢂ  
,QVpUH]ꢀOHꢀGLVTXHꢀFRPSDFWꢀDYHFꢀOHꢀODEHO  
VXUꢀOHꢀGHVVXVꢂ  
/HꢀGLVTXHꢀQHꢀSHXW  
SDVꢀrWUHꢀFKDUJpꢀRXꢀUHWLUp  
/HꢀGLVTXHꢀHVWꢀH[WUrPHPHQWꢀVDOH  
RXꢀGpIHFWXHX[  
1HWWR\H]ꢀOHꢀGLVTXHꢀRXꢀHVVD\H]ꢀG¶HQꢀOLUH  
XQꢀDXWUHꢂ  
/DꢀWHPSpUDWXUHꢀjꢀO¶LQWpULHXUꢀGHꢀOD  
YRLWXUHꢀHVWꢀWURSꢀpOHYpH  
5HIURLGLUꢀO¶DSSDUHLOꢀRXꢀDWWHQGUHꢀTXHꢀOD  
WHPSpUDWXUHꢀDPELDQWHꢀVRLWꢀQRUPDOHꢂ  
/¶LPDJHꢀGHꢀODꢀ  
7pOpYLVLRQꢍYLGpRꢀ  
DSSDUDvWꢀHQꢀQRLUꢀHWꢀEODQF  
/HꢀV\VWqPHꢀGHꢀFRXOHXUꢀHVW  
LQFRUUHFWꢂ  
9HXLOOH]ꢀDOOH]ꢀDXꢀPHQXꢀSRXUꢀUpJOHUꢀOHꢀERQ  
V\VWqPHꢀGHꢀFRXOHXUꢂ  
/¶DSSDUHLOꢀQ¶HVWꢀSDVꢀUHOLpꢀj  
O¶LQWHUUXSWHXUꢀGHꢀGpWHFWLRQꢀGXꢀIUHLQ  
GHꢀVWDWLRQQHPHQWꢂ  
(WDEOLVVH]ꢀODꢀERQQHꢀFRQQH[LRQꢀHQꢀ  
IRQFWLRQGHꢀODꢀµFRQQH[LRQꢀDXꢀFkEOH¶  
,OꢀQ¶\ꢀDꢀSDVꢀG¶LPDJH  
VXUꢀODꢀWpOpYLVLRQꢍYLGpR  
3RXUꢀGHVꢀUDLVRQVꢀGHꢀVpFXULWpꢁꢀLOꢀQ¶\ꢀDXUD  
SDVꢀG¶LPDJHꢀVXUꢀODꢀWpOpYLVLRQꢍYLGpRꢀVLꢀOHꢀ  
YpKLFXOHꢀHVWꢀHQꢀPRXYHPHQWꢂꢀ6LꢀYRXVꢀ  
DFWLRQQH]ꢀOHꢀIUHLQꢀGHꢀVWDWLRQQHPHQWꢁꢀOHV  
LPDJHVꢀV¶DIILFKHURQWꢂ  
/HꢀIUHLQꢀGHꢀVWDWLRQQHPHQWꢀQ¶HVW  
SDVꢀDFWLRQQpꢂ  
/HꢀIRUPDWꢀGHꢀGLVTXHꢀQHꢀFRUUHVSRQG  
SDVꢀDXꢀSRVWHꢀGHꢀ79ꢀXWLOLVp  
ꢉ3$/ꢍ176&ꢊ  
3DVꢀGHꢀFRXOHXU  
VXUꢀO¶LPDJH  
&KDQJH]ꢀOHꢀPRGHꢀGHꢀUpJODJHꢀGHꢀODꢀ79ꢂ  
&KDQJH]ꢀGHꢀGLVTXH  
,OꢀQ¶\ꢀDꢀDXFXQꢀILFKLHUꢀ-3(*ꢀVXUꢀOH  
GLVTXHꢂ  
/HꢀGLVTXHꢀ-3(*  
QHꢀSHXWꢀSDVꢀrWUHꢀOX  
&KDQJH]ꢀO¶HQUHJLVWUHPHQWꢀGHVꢀILFKLHUVꢀ  
-3(*ꢀGXꢀGLVTXHꢀHQꢀXWLOLVDQWꢀXQHꢀ  
DSSOLFDWLRQꢀDGDSWpHꢂ  
/HVꢀILFKLHUVꢀQHꢀVRQWꢀSDVꢀ  
HQUHJLVWUpVꢀGDQVꢀXQꢀIRUPDWꢀDGDSWpꢂ  
/HVꢀWRXFKHVꢀGH  
IRQFWLRQꢀQH  
IRQFWLRQQHQWꢀSDV  
/HꢀPLFURꢀRUGLQDWHXUꢀLQWpJUpꢀQHꢀ  
IRQFWLRQQHꢀSDVꢀFRUUHFWHPHQWꢀjꢀ  
FDXVHꢀGXꢀEUXLWꢂ  
$SSX\H]ꢀVXUꢀOHꢀERXWRQꢀ5(6(7/HꢀIDoDGH  
Q¶HVWꢀSDVꢀELHQꢀHQꢀSODFHꢂ  
/HꢀFkEOHꢀGHꢀO¶DQWHQQHꢀQ¶HVWꢀSDVꢀ  
FRQQHFWpꢂ  
&RQQHFWH]ꢀIHUPHPHQWꢀOHꢀFkEOHꢀGHꢀO¶DQWHQQHꢂ  
6pOHFWLRQQH]ꢀXQHꢀVWDWLRQꢀPDQXHOOHPHQWꢂ  
/DꢀUDGLRꢀQH  
IRQFWLRQQHꢀSDVꢂ  
/HVꢀVLJQDX[ꢀVRQWꢀWURSꢀIDLEOHVꢂ  
ꢀꢀꢀꢓꢋꢂ  
*$5$17,(ꢁ(7ꢁ6(59,&(ꢁ&/,(17(/(  
$YDQWꢀODꢀPLVHꢀHQꢀVHUYLFHꢁꢀQRVꢀDSSDUHLOVꢀVXELVVHQWꢀGHVꢀWHVWVꢀTXDOLWpVꢀULJRXUHX[ꢂꢀ&HSHQGDQWꢁꢀVLꢀPDOJUpꢀWRXWꢀOHꢀVRLQꢀDSSRUWp  
jꢀQRVꢀSURGXLWVꢁꢀO¶DSSDUHLOꢀVXELVVDLWꢀGHVꢀGRPPDJHVꢀSHQGDQWꢀVDꢀSURGXFWLRQꢀRXꢀVRQꢀWUDQVSRUWꢁꢀYHXLOOH]ꢀFRQWDFWHUꢀQRWUH  
6HUYLFHꢀ&OLHQWqOHꢀ(OWDꢀHQꢀ$OOHPDJQHꢂꢀꢐꢌꢓꢐꢎꢍꢇꢎꢎꢋꢑꢐꢀꢉꢐꢁꢌꢅꢀ(85ꢍ0LQꢊꢂꢀ6HORQꢀODꢀORLꢀGHꢀSURWHFWLRQꢀGXꢀFRQVRPPDWHXU  
FRQFHUQDQWꢀODꢀJDUDQWLHꢁꢀFHꢀGHUQLHUꢀDꢁꢀDSUqVꢀVDꢀVpOHFWLRQꢁꢀODꢀJDUDQWLHꢀVXLYDQWHꢀꢃꢀSRXUꢀO¶DSSDUHLOꢀDFKHWpꢁꢀQRXVꢀpWHQGRQVꢀOD  
JDUDQWLHꢀVXUꢀꢅꢋꢀPRLVꢀꢉVXUꢀSUpVHQWDWLRQꢀGHꢀODꢀFDUWHꢀGHꢀJDUDQWLHꢊꢀTXLꢀGpEXWHꢀOHꢀMRXUꢀGHꢀO¶DFKDWꢀGXꢀSURGXLWꢂꢀ'XUDQWꢀFHWWH  
SpULRGHꢁꢀQRXVꢀQRXVꢀHQJDJHRQVꢀjꢀUHPpGLHUꢀjꢀWRXWꢀGpIDXWꢀTXLꢀVRQWꢀSURXYpVꢀFRPPHꢀpWDQWꢀGHVꢀGpIDXWVꢀGHꢀIDEULFDWLRQꢀRXꢀGH  
PDWpULHOꢀHQꢀSURFpGDQWꢀjꢀODꢀUpSDUDWLRQꢀRXꢀjꢀO¶pFKDQJHꢀGXꢀSURGXLWꢂꢀ/HVꢀGRPPDJHVꢀTXLꢀUpVXOWHQWꢀG¶XQHꢀXWLOLVDWLRQꢀQRQ  
FRQYHQWLRQQHOOHꢀGHꢀO¶DSSDUHLOꢀHWꢀG¶HUUHXUVꢀGHꢀUpSDUDWLRQVꢀHIIHFWXpHVꢀSDUꢀXQHꢀWLHUFHꢀRXꢀG¶XQꢀDVVHPEODJHꢀIDLWꢀDYHFꢀGHV  
SDUWLHVꢀpWUDQJqUHVꢁꢀQHꢀVRQWꢀSDVꢀFRXYHUWVꢀSDUꢀFHWWHꢀJDUDQWLHꢂ  
&217$&7  
9HXLOOH]ꢀYLVLWHUꢀQRWUHꢀVLWH  
KWWSꢃꢍꢍZZZꢂHOWDꢂGH  
3RXUꢀOHVꢀTXHVWLRQVꢀWHFKQLTXHVꢀꢃ  
6HUYLFHꢀ&OLHQWqOHꢀ(/7$  
%UHLWHIHOGꢀꢌꢎ  
ꢑꢋꢓꢇꢔꢀ0QVWHUꢀ  
+RWOLQHꢀꢐꢌꢓꢐꢎꢍꢇꢎꢎꢋꢑꢐꢀꢉꢐꢁꢌꢅꢀ(85ꢍ0LQꢊꢂ  
)D[ꢃꢀꢐꢌꢓꢐꢎꢍꢅꢎꢓꢑꢌꢔꢀꢉꢐꢁꢌꢅꢀ(85ꢍ0LQꢊ  
'HSXLVꢀO¶pWUDQJHUꢁꢀYRXVꢀSRXYH]ꢀFRQWDFWHUꢀQRVꢀVHUYLFHVꢀDXꢀꢃ  
+RWOLQHꢃꢀꢕꢋꢔꢀꢑꢐꢒꢌꢍꢇꢔꢐꢅꢔꢐꢔ  
ꢇꢑꢎꢀMRXUVꢀSDUꢀDQꢁꢀGXꢀ/XQGLꢀDXꢀ'LPDQFKH  
VHUYLFH#HOWDꢂGH  
ꢀꢀꢀꢓꢎꢂ  
©
GmbH  
Carl Zeiss Straße 8 •  
63322 Rödermark  

Atlona Technologies Camcorder Accessories AT RGB110 User Manual
Canon MT 24EX User Manual
Canon XF205 9592B002 User Manual
Carson Optical TZ 401 User Manual
Citizen Calculator SDC 8780LII User Manual
Crown Boiler CSC Series User Manual
EverFocus TFT EN 7517E User Manual
JL Audio E4300 User Manual
JVC CS V6 SERIES CS V526 User Manual
JVC EVERIO GZHM450RUS User Manual